Polkadot presents a powerful buy opportunity before DOT breaks out to $68

By November 22, 2021Polkadot
Click here to view original web page at www.fxstreet.com
  • Polkadot price action developing a powerful bullish Point and Figure pattern.
  • Upon confirmation and entry, Polkadot could spike 51%.
  • Downside pressure remains as an equally strong bearish pattern is also likely.

Polkadot price has two powerful Point and Figure patterns in development. As a result, strong movement in the direction of either entry is expected – but the trend favors the long side of the trade.

Polkadot price ready to spike over 50% To hit a new all-time high at $68

Polkadot price has two trade setups developing on its Point and Figure chart. The long idea is most likely to trigger out of the two patterns because the prior trend is bullish, and the overall pattern is a bull flag.

On the long side of the market, the hypothetical long entry is a buy stop order at $45, a stop loss at $41 and a profit target at $68. This entry is based on a triple-top breakout that simultaneously converts the chart from a bear market to a bull market.

DOT/USDT $1.00/3-box Reversal Point and Figure Chart

This trade is invalidated if Polkadot price drops to $35 before the entry is triggered.

On the short side of the market, the theoretical entry for Polkadot price is a sell stop order at $37, a stop loss at $40 and a profit target at $28. This trade has a tighter stop loss of only three boxes because the prior trend was an uptrend. The short entry is based on a breakout below a Bearish Catapult pattern.

DOT/USDT $1.00/3-box Reversal Point and Figure Chart

This trade is invalidated if the long idea is triggered.

Traders on both sides of the market will want to be careful during this trading week as it is the Thanksgiving holiday week in the US. Expect sideways markets and an increase in volatility. Historically, wild price swings can occur with little to no warning.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

All Today's Crypto News In One Place