DOT full analysis for 9th March

9 мар. 2021 г.

DOT has experienced 10% growth in the last 4 days, and everything points to further growths. We have formed a short term ascending channel - bottom trendline was tested 4 times and upper one 3 times.
Current support level is sitting at the price level between $32 - $31.35, and major support at $28.75 - $27.95. Crucial resistance is at the current ATH ~$42.3 (17% growth from current price)

Getting to the point, right now we have 3 posible scenarios:

• Respecting current price channel, breaking the resistance and going to the new ATH
  
• Bouncing off the current triangle pattern top level, bouncing of the bottom level of the same pattern and then breaking through it
  
• Breaking through the bottom trendline and going into the direction of current support
  

Take profit zones are located at tle levels of:

• $51.5 - 42% profit
  
• 67.6$ - 87% profit
  

So, when we can find the best entry? The best entry can be found after the breakout of current triangle pattern. Other good entries are located after the retest of current price channel (more risky) and after the break and retest resistance at the $37.86.
That's all from technical aspects, now we can proceed to the fundamental analysis.

The most important events associated with Polkadot are:
1) Chain restart planned for 13 March
2) AMA event associated with recent support for Ledger Live, planned for 11 March
3) BitMEX listing planned for 17 March (DOT will be listed with ADA, XLM, UNI, EOS and YFI)

Especially BitMEX listing is the event that can push the price throught new ATH, but DOT community can also react enthusiastically for optimisations that will be implemented during chain restart.

In my opinion, Polkadot has huge potential and can easily hit $100 in 2021.

(Not a financial advice)