Polkadot is a strange altcoin. After we had little potential in the bull run, things went down significantly recently. In the meantime we have found ourselves at around 7 USD.
At the moment we have recovered significantly from the lows and are trading at around USD 11.10 and thus directly at the monthly resistance S1. We have to break through this in the next few hours and, if necessary, confirm it as support.
The 4H-EMA Ribbons stand in our way as additional resistance. The trading volume has recently declined significantly and could indicate a move today or tomorrow at the latest.
At the same time, DOT forms a bullish structure. We have formed a bullish inverse Head & Shoulders chart pattern on the 4H chart. This could break out soon and has the $15 area as a technical price target.
Thus Polkadot could compensate for the losses of the last few days. However, we still have the golden pocket (0.618 – 0.65 Fib. retracement level) in this area, which could cause us problems.
If we are rejected here, another correction could follow, which could even bring us below USD 7. So we should be careful not to become too bullish in the next few days and continue to monitor the chart neutrally.
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