7 C
London
Tuesday, December 7, 2021

Polkadot – Why it will back 5000%

Polkadot price looks to climb 25 despite u.s congressman call to shut down cryptos Polkadot price is trading at 15.37 a crucial swing low that might get broken a dip into the demand zone ranging from fourteen dollars and six cents to fourteen dollars and forty-nine cents could propel dot by 25 to eighteen dollars and 42 cents if the bears shatter the support level at 13.65 cents the bullish thesis will face invalidation polka.

price has seen a massive downtrend between June 20th and 22nd which created a new range low while many altcoins have already undone the said correction dot has not therefore investors can expect a volatile move especially if it bounces from a critical demand zone congressman talks about shutting down cryptocurrencies while bitcoin adoption has taken off some u.s congressmen are still trying to control digital assets brad Sherman DCA is one such politician who called for a shutdown of digital assets in a hearing on June 30.30th the representative mentioned how one person making a million dollars would lead nine others to not retire in dignity but instead become eligible for Medicaid the elected leader added.

I hope we shut it down Sherman further mentioned that cryptocurrencies are used to circumvent KYC and are supported by anarchists who are rooting for tax evasion even to this day many politicians still lack a clear understanding of bitcoin blockchain or Ethereum and call for a ban or other stern approaches however institutions are already scrambling to leverage the hype and offer customers a portal to invest in digital assets.

Polkadot price is a higher high polka dot price has seen four failed attempts to breach the 50 Fibonacci retracement level around 17 over the past week the latest jab saw a violent rejection that led to a seven percent downswing this correction might continue until dot finds stable support at the demand zone ranging from 14 and six cents to 14.49 in some cases dot price might even dip below the said barrier and reverse after bouncing from the support level at 13.65 the upswing that emerges from 13.65 will likely push dot to take another try at crossing the 50 Fibonacci retracement level around 17 if the bullish momentum is enough polka dot price might slice through it effortlessly in such a case the altcoin might I a retest of the resistance barrier at 18.42 although unlikely if the bid orders continue to pile up here dot might retest the range high at 21.

For our chart on the other hand if polka dot price slices through the support barrier at 13.65 it will signal the presence of sellers who might further drag the altcoin down to the range low at 12.98 a breakdown of this support level will invalidate the bullish thesis and result in a 17 sell-off to the next demand barrier at 10.75 channel talkingcryptocurrency7824.

Read More: Darwinia Cross-Chain Application Hub

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
3,047FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles