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Polkadot bulls flock in, driving the DOT up



  • Polkadot price has risen more than 22% since the December 20 low.
  • Short term resistance near the $ 31 value range.
  • An insanely bullish reversal pattern can now be seen on the point and figure chart.

The Polkadot price could see an unprecedented spike over the next week and stretch through the end of January 2022. The setup of the $ 2.00 / 3-box reversal on the point-and-figure chart indicates an increase of more than 300% from the current value range.

The Polkadot price is ready to surge to $ 82

The Polkadot price has a strong bullish reversal point and figure chart pattern. This pattern is known as the spike pattern. A spike pattern is a series of Xs or Os with fifteen or more boxes.

Polkadot closed the spike pattern when it hit its recent intermediate low near the $ 24 value area. The entry from a spike pattern is always the reverse of three boxes. This gives bulls an excellent entry point at the bottom of a swing.

The hypothetical long setup from the spike pattern consists of a buy-stop order at 3-box reversal (currently $ 32), a stop-loss of 4-boxes (currently at $ 24), and a profit target at 82 $. The profit target is derived from the vertical profit target method in point and figure analysis.

The long trading idea offers a 6.25: 1 reward for the risk trading setup. Additionally, a two- to three-digit trailing stop would help protect implied gains after entry.

DOT / USDT $ 2.00 / 3-box reversal point and figure chart

There is no current invalid time for entry, because if the Polkadot price moves down, so does entry.

Traders should watch the Ichimoku chart on the daily chart near the entry-level at $ 32. There is considerable resistance at $ 31 to $ 32, and it is very likely that buyers will have a hard time getting past this price range on the first try.

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