Polkadot, an Ethereum rival, has constructed momentum for its subsequent main value transfer in accordance to influential crypto dealer Pentoshi. The worth of Polkadot’s DOT token is up a modest 3% as we speak to $4.49, after a preferred crypto dealer expressed bullish views on the asset.
Pentoshi, a pseudonymous dealer with over 700k Twitter followers, tweeted that he loves DOT’s long-term chart, which reveals the present value returning to the place the biggest value transfer originated in 2021. As he put it, this can be a matter of getting persistence for the market to change from “greed to worry, and worry to greed.”
In a follow-up tweet, Pentoshi mentioned his bullish view can be invalidated if DOT closed beneath $3.98. This implies he sees assist round that $3.98 degree and expects DOT to maintain above it.
Pentoshi’s tweets counsel he takes a long-term outlook on DOT. By referencing the “highest timeframe” charts, he’s weekly or month-to-month charts to establish areas of main assist and resistance. The $3.98 degree marks an essential assist zone on the weekly chart.
The present DOT value of $4.49 places it proper round a resistance zone between $4.20 and $5.70. So whereas momentum could also be stalling at resistance presently, Pentoshi expects DOT will ultimately break above it, so long as $3.98 holds as assist.
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Momentum is bullish however inflecting for DOT. The MACD line stays above the sign line in constructive territory, and the RSI is holding above 55. Nevertheless, MACD histogram bars are declining, indicating momentum might have peaked. Nevertheless, so long as assist round $3.90 holds, DOT might consolidate right here earlier than trying to escape above $4.20 and rally in the direction of $5.70.
Pentoshi can be watching DOT carefully for a weekly shut beneath $3.98, which might invalidate his bullish thesis within the short-term. However for now, he and different DOT bulls are possible ready patiently for affirmation of a bullish pattern reversal because the crypto market transitions from worry to greed.
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