Is Polkadot giving a BUY signal to its investor before it rises to $100

Şükriye Akdeniz

Nov 1, 2021

Famous analyst Akash Girimath advised Polkadot investors, the cryptocurrency, which is expected to reach $ 100, is expected to correct by falling to $ 28 levels

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Polkadot (DOT) may give a buying opportunity at $28 levels before reaching $100. Polkadot, which closed October at $42 levels, welcomed November with a rise. Akash Girimath, one of the well-known analysts of the crypto market, warned DOT investors in his latest article. According to the seasoned analyst, Polkadot will rally to the $100 levels, but before this rise, it could correct a lower towards the $28 levels. Stating that the popular altcoin has been on an uptrend for a long time, Girimath pointed out that a new correction may occur soon. And he said:
“Polkadot recorded a steady rise throughout October. However, this rally could result in the formation of a bearish pattern for the DOT in the short term. Therefore, investors can wait for a small pullback before new highs, which acts as a buying opportunity. The popular altcoin seems to have formed multiple bottoms and tops over time. If we mark the trendlines with these reversal points, an ascending wedge pattern emerges. This technical formation predicts a 32% drop. While the DOT is still inside this range, a decisive daily close below $42.50 will signal this breakout.”
Running to $100 Target Will Begin
According to the experienced analyst, this decline in the price of DOT means a long-term investment opportunity for many investors. With these strong purchases, Polkadot will soon improve its price record and start its journey of 100 dollars.
“In such a case, the ascending wedge pattern predicts a move to $28.89. While the theoretical target is slightly lower, traders can watch the $38.77 and $33.42 support levels. With Polkadot price just below its all-time high of $49.78, this drop would be a great opportunity for long-term buyers to accumulate DOT at the low price. Therefore, after this pullback, DOT is likely to break from its all-time high and test the $100 levels.”

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