Polkadot is a cryptocurrency also known as the “Ethereum Killer”. It basically seeks to incentivize a global network of computers to operate a blockchain on top of which users can launch and operate their own blockchains. It is a next-generation blockchain designed to connect multiple specialized blockchains into one unified network. If Ethereum 2.0 hiccups DO occur, Polkadot is a top competitor and might take advantage and rise higher in the blockchain realm.
Today, Polkadot technicals are showing a very strong price-action setup poised to bank profits in the short term, and that’s EXACTLY what we’re going to discuss in this article.
Polkadot Technical Analysis & Trade Setup
In a previous article, we discussed what is Polkadot, and why people should consider owning it as part of their cryptocurrency portfolio. We also showed a short-term setup where prices successfully reached the target of USD 4.8, making an easy 10% in 3 days.
Today, we shed light on an interesting formation, where the price of Polkadot is seen fluctuating in a slight uptrend channel (figure 1).
Despite most consolidation with cryptocurrencies, Polkadot is seen going steadily higher day by bday. With the above setup, here are the important areas to look out for:
- Take profit: USD 6
- Trailing stop: USD 4.8
- Any sudden strong price decrease is an opportunity to buy back at lower prices in anticipation of the USD 6 price target.
The cryptocurrency market as a whole
Polkadot is a Top 10 cryptocurrency with a #9 spot on the list, and a current market cap of USD 4.6 billion. It’s also up in the past 7 days by 9%.
Contrary to other cryptos in the Top 10, Dot was seen higher than its peers for the day, with a 24 hours rise of 6%. Here is a list of the Top 10 in the lat 24 hours:
1- Bitcoin (BTC) : + 1.36 %
2- Ether (ETH) : + 0.23 %
3- Ripple (XRP) : – 8.08 %
4- Tether (USDT) : 0 %
5- Bitcoin Cash (BCH) : + 3.84 % (surpassing Litecoin)
6- Litecoin (LTC): – 1.42 %
7- Chainlink (LINK) : – 0.68 %
8- Cardano (ADA) : – 2.39 %
9- Polkadot (DOT) : + 6.06%
10- Binance Coin (BNB): – 2.38 %
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