Firstly, the opinions shared here are based on technical analysis data. It has been shared for informational purposes and does not contain investment advice. Some of the altcoins experienced serious rises as Bitcoin broke from the 30.000 levels. A significant part of them even made +40% pricing. But Polkadot (DOT) performed much better.
In two weeks, the price of Polkadot, the price of which has increased from $ 10.3 to $ 19, has increased by about 100%. However, despite this rise, there are some risks. The price is still not fully out of the subchannel. Currently (as of 22:05) Polkadot (DOT) is starting to trade at about $ 19. A 10% increase in a short time was a surprise.
The price has entered a general downward trend since May 19. Polkadot created bottoms at the 13,8 and 10 dollar levels. However, the rises experienced from here occurred at a relatively low peak of 19.6 levels.
The Polkadot (DOT) Graph
There are currently 2 important support levels. One of them is 17, and the other is 13.8 dollar levels. The loss of 13,8 support of the price may make possible the price of 7,2 dollars, which was last seen in January. Experiencing such a scenario will cause serious losses.
In the chart below, you can see Polkadot’s position at the 17 dollar levels today. After a long stay on the upper line of the lower channel, the price was finally able to break it in the evening. In other words, the break in the evening is extremely important, if Bitcoin (BTC) maintains its current position, it will be supportive. The price of Polkadot (DOT) can rise significantly when buyers are sure that the downtrend is broken.
Although the upper resistance of the descending channel is broken to a certain extent, it is important that it is permanent. If the current price cannot be maintained, a larger correction may occur within the channel. This will upset investors who buy Polkadot (DOT) for $ 19. The possible movements that the price may make between Dec 19 and 17 may be evaluated by investors in their favor.
You can also get your share of the rapid rise that is likely to start by taking the upper channel line as a stop. If the price finds support from here and Bitcoin (BTC) can hold on to the 40.500 dollar again, we can see gains of up to 30%.