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Will we see a reversal in Polkadot as it approaches important support?

 


Polkadot (DOT / USD) is down over 50% from its November highs and has now reached a very crucial price zone that could be a reversal zone. Dot has corrected since hitting a new all-time high in November and is now down over $ 30. Investors are waiting for a trend reversal due to the massive correction of the dot.

Many investors are now wondering whether Dot will be able to survive above the supportive trendline. Holding above the trendline is extremely important as Dot can fall another 50% if it cannot be held above the trendline. However, if a reversal is observed, a huge rally could take place soon. However, investors are unsure whether a reversal is really around the corner. So should you buy the Dip in Dot?

  • Dot formed a wedge and fell from the resistance trendline to the supportive trendline in a month, down 50%.

  • Dot is now on the supportive trendline and showing signs of slowing down. This suggests that a reversal will soon be seen. So it looks like a reversal from the lower trendline is possible soon and that Dot could start a rally towards the upper trendline.

  • Investors need to be careful as Dot is still making bearish candles, like the candle on Monday when Dot fell over 12%. Additionally, there are no signs of strength either, so investors should only take a long entry if there is a clear reversal or the dot crosses USD 30.

  • Investors can set a target of $ 38, followed by $ 45, and finally a new all-time high.

  • A stop loss can be held at $ 22.

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