Polkadot Analysis – Price shapes potential reverse pattern
1 min readPolkadot, like many highcap altcoins, is found in sideway movement. Although it has managed to create a rising minimum, the growing trend and reverse pattern is still not definitively confirmed. In the short term, the price needs to exceed the last maximum in order for us to talk about growing trend.
The price shapes potential 123 bottom formation pattern which will enter into force when the price is exceeded $ 32.80 in point 2. In this scenario, we could talk about a confirmed growing trend. However, it has not yet been confirmed and the price continues as most of the market moves sideways.
Polkadot creates a reverse pattern. Source: TradingViewPolkadot creates a reverse pattern
We see that price, on the other hand, must also maintain point 3 if we want to think about this formula. That means he can’t fall under $ 26.00. Both are open scenario and currently the price does not indicate the end of the sideway movement. Another support is the level in point 1 at about $ 23.50.
The current sideway movement can be final for correction, but there is also a final fall in the game. It was similar at the turn of May and June 2021, when the price fell for the last time from a relatively long sideway movement and only then found a bottom. However, if the price exceeds point 2, this scenario will not be repeated.
