Insights Analysis Bullish Polkadot Jumped 50% in a Month

Bullish Polkadot Jumped 50% in a Month

November 15, 2023 Analysis
BITmarkets | Bullish Polkadot Jumped 50% in a Month

Polkadot (DOT) has witnessed a staggering 50% escalation in one month's time, with the cryptocurrency enjoying robust bullish momentum during the past week. What's next for DOT?

1 hour time frame

DOT10.1

DOTUSD - 1 Hour Time Frame

A bullish structure can be seen when looking at DOT's price behavior in the 1-hour time frame.

The price is currently at a correction phase which may drop to the Fibonacci level of 0.382, corresponding to the psychologically-significant $5 mark, while another possible stop for the price is by the Fibonacci level of 0.214.

A necessary criterion for entering buying positions is that the price should not close below the higher low. If that happens, a deeper correction may occur.

15 minute time frame

DOT11.1

DOTUSD - 15 Minute Time Frame

On a lower time frame, the minute price movements seen are forming structures which contrast the recent impulsive bullish jump of DOT.

Hence, the price correction is bearish, as previously noted in this analysis, and it is best advised for buyers to purchase DOT if the correction ends above the lower high.

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