The Polkadot (DOT) Price Action has Me Confused Like Something Fierce
Dot is one of my long term holds that I sometimes trade around and I have to be honest, the current price action leaves me undecided about the near-term future of price.
Let me explain why...
Is that a weird W or a head and shoulders or what???
Creeping on a key level
So the last post I did on DOT talked about that key support area around $39. Unfortunately the sellers blasted price right through it and we saw price get a rebound when it approached the $29 area pivot point that you can see from the swing low in March.
The latest bottom pushed slightly lower on both an intraday and closing basis, which normally I'm not a fan of but it was so marginal I'm not gonna nitpick and chalk it up as nothing.
What does matter...
What I an looking at is we got the all time high, followed by a lower high and then a break of a key support level.
Normally those ingredients mean sell and get the hell out of dodge. Maybe the crypto bull market negates it, who knows.
Either way this bounce has been on barely and volume and price has gone sideways the last few days just below the key level (which is not a resistance again).
Where the heck is price gonna go?
This leads me back to my original point. Based on the chart, things look weak and the trader in me does not what to hold and a turn down from here is certainly an real option. Which means re-visiting the high 20s would be the next stop.
On the flipside, my long-term target for DOT is upward of 100 so I guess holding through all of it is fine.
Either way, I thought about adding here but since price direction is a complete coin flip at the moment in my opinion I'm just going to sit on my hands.
Again, this is just me an my thoughts as a trader/investor. Make your own investing decisions that are right for you.
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How does one put the tanking of the entire market into their individual analysis?
If one ignored that part... what are we left with?
A rise soon, and then sideways for a while?
Well, we have started the alt-season of this bull-run. So, i might think of selling out of part of this position and putting tokens into something more sure/solid.
But, then again, Polkadot has some really big stuff coming up.
If they get it doing what they said, then it will probably blow through $100, and you will want to be in on that move. But, when?
I have booked some of my profits today by selling 30% of my DOT holdings! Price has been fluctuating a lot in the past month so I did not want to miss making some money in this bull market ;)
Rest 70% will not be sold until it touches $80 Mark. They have a pretty solid team and the backing of Web 3 Foundation which has been supporting the development of projects contributing to the decentralized web and giving control to the users.
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I have been holding it but not trading. I have it on a KYC exchange, so can’t trade unless I want to pay taxes :(
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DOT was overprice at 5 dollars. If you hold this coin during a bear market your going to get wrecked.
Dot you muhfucka! Now I'm regretting holding the coin while others have 20x
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I've been planning on buying a few fot for a couple weeks now. I have some BTC on Kraken, and I was planning on dropping $100 worth on DOT. I keep.holdimg back cause I think it's going below $30 again. I'm wondering if I should just grab some now.
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