🔥 $177 DOT🔥 Polkadot Price Prediction | DOT Analysis & Update | Crypto News Today
If you find it useful and informative hit the like button, i really appreciate that if you are new make sure you subscribe tap, the bell select all notifications, and in doing so you will be kept up to date with everything that we do here right with. That said, done and out of the way lets jump into some technical analysis here on polka dot. So we are going to kickstart things guys with this weekly chart. Okay, so give us a big view as to where things are going now. There is a limited amount of information available to us, um for dots being a relatively new ecosystem, not a huge amount of history and to kind of do some decent kind of analysis. But we get some reasonably well uh established kind of fibonacci retracement tools and some trend lines that are apparent there, and so, although we have limited resources at our disposal here for the technical analysis, we do of course have some interesting things to talk about. In terms of our expectations now, the first thing we need to talk about on this weekly chart is whats right in front of us, the fibonacci retracement tool. Now this obviously comes in from the high that we had set over in may right and basically this came in at 49.78. Okay, so pretty reasonable high level there, then, obviously this went into the full frame of correction for many, and we saw this actually come down to a low of 10.
37. Since then, we have had a good push to the upside and right now we are facing up against the six one eight, and this is where were getting a little bit of rejection from right now, unable to push through it and last week we are now starting To see a bit of a pullback um, but again, i think this is going to be short lived well get into that in a moment when we go down into the daily view. The other thing that we can see is the stochastic rsi is in the other bull area. But again, this wouldnt be something that would bother me right now, because its only just starting – and we can be up here for several months and whilst we go ahead and peek out to the next levels or so, and we can see that weve got 414 percent. On our journey up to our 4.236 extension on the fibonacci retracement tool, this comes in at 177, and this price target has not changed or adjusted. We can see here that this has been around for a while pretty much since we established the high and the low and again our percentages will change based on the current position. So right now were 400 and because we had a good surge last week. So again, uh reducing the amount of gains left on the table and so again on this weekly chart everythings looking pretty good, nothing to really worry about and good progress is being made, but we are obviously up against the resistance of the six one.
Eight. So lets get into our daily and take a look at whats going on there. If i expand this up, we can see that there was a couple of key things that we want to talk about here. Ultimately, there were a couple of fibonacci retracement tools used. The first one was used to basically highlight this yellow box area here, and this is an area that we were trying to get a close candle above right and uh. Basically, we were rejected from it previously just over here. This took us down to our low point. Then we started to see good traction to the upside and then rejected from this area pulled back in and then we blasted on through now. This actually takes us to our main battle zone, and this comes in at the 618, the 702 in the 786 area of the fibonacci retracement tool. Now this um first kind of target that we are looking for guys comes in at 3471, thats, where we were finding the resistance right now. Once we get past that well be going up towards our 702 area, which comes in at about 38.17, and then we go up to the 786 area, where we want to see a closed candle, preferably weekly above this area at 41.38. So anything above 4138 will be a big ball signal for polka dot going to the next level. Okay, so this is where we are currently fighting. This is where were finding the resistance, and i think its only really a matter of time until we really do push through it.
We have plenty of room on this, a daily stochastic rsi. We can see that were overbought for quite a period of time. Doing this particular um track to the upside and this recovery rejected from the 786 area down here and saw us with a loss of momentum, pulled all the way down to oversold and now were starting to track back up. And given the current position and everything thats going on, i think we are likely to push through here shortly, but well have a look at the see if the audi comes up to the same consensus, when we throw the volumes on here, you can see that the Volume is dropping down nicely and protecting the price and allowing us to kind of trade sideways. Here and again, we can see that the volumes were a bit undecided during this kind of correction, because again you know until bitcoin kind of gets passed its 786 the markets arent exactly overly confident right now, um, not in the same way that they had been and Towards the peak of way three, this is more in line with uh kind of our first wave correction at the moment, uh or first wave to the upside on many of these old coins. So again, i do think this is likely to change were likely to see the volume come in uh once this uh once bitcoin kind of gets past its 786 key area on its chart and so lets jump down into our day.
Uh hourly view right because um this gives us that clarity on what is exactly going on um here when it comes to the rejection of the seven uh 618 area right and so here we can see that we have rejected briefly uh overbought up in this area. Here, right and uh, basically, this correction: this tiny correction here took us down to the oversold area and now were pushing all the way back up to the upside, and so again i think its likely that were going to pierce the past, the six or one eight And we probably go to the 702 back test on the 618 turn the 618 into a support that was previously resistance and then from there we can go up back past the 702 to try to address going past the 786.. This is the key battle zone, so i do not anticipate this is going to be quick. I think were going to be kind of rejected a couple of times before we actually do pass our way through it and but getting past here is going to be the the big ball signal that is needed to then take polka dot into price discovery mode and Into new all time highs, you saw that with cardano and youve, seen it with a handful of other projects as well. This is a key area that we need to see get taken out and from a technical point of view, this is a key thing that traders will be looking for and theyll be trading this area, as they start to see things being overbought oversold against those key Levels: the 618, the 702, the 786.
These are very vital areas on the chart and the balls, and the bears will be fighting over these key zones because getting rejected from here can see you go into some lower points and again thats exactly what the bears will want to see when the short positions Instead, we could see a good surge with bear with the with the balls kind of taking control and pushing through these areas. If we have good technicals and we line things up nicely, we could start to see a good 786 get taken out with a big ball signal going into the next level. So everything is here uh to play for looking pretty tidy um again plenty of room to grow. We take a look at the volume, so you can see the volumes completely dropped off right now. So a good position to kind of now grow upon, as we start to take out that next key level for polka dot. Now i will keep this brief. I will just zoom back out to our our weekly view because, if were ever in doubt its always important that we do zoom to the biggest picture right. So we get a good view as to where things are going um slightly longer term, rather than getting focused in on those smaller time frames, the hourly the half hour, the 15 minute charts or whatever um zoom out and and take stock of the big picture and Where we are heading guys, if you have found this brief update on polka dot, useful and informative, then hit the like button.