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How Polkadot managed to remain bullish while broader markets saw fear

How Polkadot managed to remain bullish while broader markets saw fear

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation

A current report explored whether or not Polkadot shaped a cup-and-handle sample and was getting ready for a pointy transfer upward. The promoting strain throughout the market previously few days ensured that such a transfer didn’t materialize. Nonetheless, the bulls nonetheless had some sway available in the market. But, it have to be remembered that Bitcoin might have a powerful affect on the course of DOT within the weeks to return.

DOT- 1 Day Chart

Polkadot remains bullish on the longer timeframes as the rest of the market saw fear

Supply: DOT/USDT on TradingView

In late December, DOT fell out of a descending triangle sample (white) and plunged to $16. The previous few months have seen the value oscillate between the $16 lows and the $23.18 resistance stage.

In late March, the value was in a position to poke above the $23.18 stage, which is the next excessive and the beginning of a possible uptrend.

A set of Fibonacci retracement ranges (yellow) had been plotted from the swing low at $14.05 to the $23.85 swing excessive. The 61.8% and 70.2% retracement ranges have been examined as help.

A shopping for alternative may be discovered within the $16.15-$17.79 space, with the $23.85 and the $26.52 as potential worth targets.

Rationale

Polkadot remains bullish on the longer timeframes as the rest of the market saw fear

Supply: DOT/USDT on TradingView

The RSI dropped under 50 in response to the sturdy drop from $23 previously two weeks. With a studying of 42, the momentum was not fairly strongly bearish, nor was the pattern on the every day bearish in line with the RSI.

The CMF additionally slipped beneath the -0.05 stage in response to the current wave of intense promoting. Nonetheless, the OBV provided some solace to the bulls. It has not dropped beneath a stage that had been resistance in February, which meant that consumers nonetheless had some management over the course of DOT.

Conclusion

Polkadot has a bullish outlook for the subsequent few weeks, supplied Bitcoin doesn’t see a powerful drop beneath the $39k stage. This might spark additional concern available in the market. From a technical perspective, the market construction leaned towards the bullish facet. Nonetheless, a drop beneath $16.15 might shift this bias.

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