Blockchain

DOT Enters Buy Zone Before Jumping to $30

Polkadot price is holding the strong $20 – $21 support area. However, the DOT bulls are struggling to move past this area.

DOT has a chance to hit $30 and up

The DOT price action is preparing for some bullishness on its daily Ichimoku chart. Despite a strong recovery that still lags the competition, this underperformance could soon be over.

A buy stop on the daily Kijun-Sen at $22.5 would be a hypothetical entry for a long opportunity. The stop loss is $20 and the profit target is the 38.2% Fib at $31. However, the note on this trade setup is that the entry should only be made at the close of the daily candle, so $22.5 – $23.50 would be the appropriate entry zone.

The trade setup has a reward to risk ratio of 3.4:1 with an implied profit target of 40% from entry. The $2 stop after the DOT price hits $25 helps protect any profits made after entry.

DOT/USD daily chart Ichimoku Kinko Hyo. Source: TradingView

Downside risk remains but should be appropriately contained. Tenkan-Sen at $20.5 is a critical support area for DOT to hold. A daily close below this level could result in massive selling pressure and a continuation of the downtrend. If so, Polkadot will likely return to test the 2022 lows with a high probability of a break below those lows.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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