Hello everyone, as we all know the market action discounts everything :)
_________________________________Make sure to Like and Follow if you like the idea_________________________________
Dot was able to find solid ground after the flash crash that happened last week, where most coins were finding it hard to stabilize dot was able to bounce right back up.
and the Dot Chart gave us a sign with an RSI divergence warning us about the drop.
Possible Scenarios for the market :
Scenario 1 :
The market is trending at 32.31 and it's nearing the first resistance level at 33.00, The buyers are showing a lot of strength so there should be no problem breaking out that level. The main battle will be at the second resistance line at 34.43 that's where we get our confirmation of the market is going back to the 40$ level.
IF the Bulls were able to win and keep control over the market then the price will reach 36.79 in the next few days and will be headed to the 40$ resistance.
Scenario 2 :
After the market reaches the second resistance line at 34.43 the Bears will try with all their might to take control over the market and drop the price down. By doing so the price will drop near the first support line at 29.20 where a possible bounce will happen that could drive the price back on track up.
Technical Indicators show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign).
2) The RSI at 59.62 showing great strength in the market and giving us a buy signal.
3) The ADX is at 29.27 showing that the market is trending, With a positive crossover between DI+ (20.48) and DI- (18.69)
Support & Resistance points :
1) 29.206 1) 33.000
2) 26.847 2) 34.433
3) 25.413 3) 36.793
Fundamental point of view :
Polkadot (DOT) is a native token of Polkadot protocol — a solution aimed to bring interoperability into the world of blockchain, providing the way to connect public and private chains, oracles, and other developments in the crypto space into a united web. The development of Polkadot started in 2016, and the network itself launched in May 2020. Gavin Wood, a former CTO of Ethereum , is among its founders.
Blockchain infrastructure protocol SubQuery has raised $9 million in fresh funding aiming to enhance data aggregation for the Polkadot and Kusama ecosystems.
Funding will go toward accelerating SubQuery’s technical and community roadmap.
SubQuery is a decentralized data aggregation, indexing, and querying layer providing functionality between layer 1 blockchains and decentralized applications (dapps). The platform seeks to enhance user access to decentralized blockchain data by creating a marketplace for data indexing and provisioning.
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.