Polkadot is one of the best cryptocurrencies which we are looking to go long on. Why would we go long on this pair? Its because we are in a ranging market in a downtrend and there is a possibility for the market reversal from this zone of range. Right now, we dont have any solid direction for the polkadot to predict the exact direction for the bearish or bullish move.

The descending trendline has been broken out for buys and has been validated after the breakout. Once the breakout has happened, market has been ranging, Now, we anticipate the mark up towards the bullish side.

Within this range, we have a retracement area which is in confluence with the range area. This retracement level is at 75-78.6%.

The EMA 50 has been bearish in the downtrend. But we still have the potential for the market to retest the EMA 50. There is a chance for the market to break the EMA 50 and continue moving up.

RSI is at a 43. This means market is in a bearish sentiment. There is a window towards the over sold region once the market drop below and stays below the 50 region.

Just a reminder on Polkadot

Sep 04 2022