Polkadot (DOT) - 6h. Price half way to target

5 thg 5, 2021

The market situation for Polkadot (DOT) remains mysterious and tense. The two-month consolidation that started back in February 2021 continues in a wide 56% range. The main liquidity zones that are within the limits of this consolidation are in the ranges of $29.6-30.6 and $45.5-46.5. As you can see on the chart, it is at these price zones that the DOT price slows down and reverses after false breakouts. Therefore, when planning short-term trades in these liquid zones, we would implement our trades.

After the unsuccessful attempt of sellers to break the consolidation down, buyers organized a new local wave of growth. At the moment, the DOTUSDT price is in the middle of the consolidation, namely before the local range of $38.3-39.3. This range can perfectly serve buyers as a support and addition of a position with a target of $45.5-46.5.
We wrote about this scenario in our previous idea:

However, for such an option, buyers must first take control of this range. So far, the price has slowed down in front of the liquid zone and is preparing to break through it. Therefore, while the price is below $38.3-39.3, we do not exclude the scenario of a return to
$29.6-30.6.

If the range of $29.6-30.6 is lost, this idea will become irrelevant and the target of $45.5-46.5 will have to be forgotten for a while.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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