2023-10-31 08:00 |
Polkadot, an Ethereum rival, has built momentum for its next major price move according to influential crypto trader Pentoshi. The price of Polkadot’s DOT token is up a modest 3% today to $4.49, after a popular crypto trader expressed bullish views on the asset.
Pentoshi, a pseudonymous trader with over 700k Twitter followers, tweeted that he loves DOT’s long-term chart, which shows the current price returning to where the largest price move originated in 2021. As he put it, this is a matter of having patience for the market to switch from “greed to fear, and fear to greed.”
In a follow-up tweet, Pentoshi said his bullish view would be invalidated if DOT closed below $3.98. This implies he sees support around that $3.98 level and expects DOT to hold above it.
Pentoshi’s tweets suggest he is taking a long-term outlook on DOT. By referencing the “highest timeframe” charts, he is looking at weekly or monthly charts to identify areas of major support and resistance. The $3.98 level marks an important support zone on the weekly chart.
The current DOT price of $4.49 puts it right around a resistance zone between $4.20 and $5.70. So while momentum may be stalling at resistance presently, Pentoshi expects DOT will eventually break above it, as long as $3.98 holds as support.
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Pentoshi will be watching DOT closely for a weekly close below $3.98, which would invalidate his bullish thesis in the short-term. But for now, he and other DOT bulls are likely waiting patiently for confirmation of a bullish trend reversal as the crypto market transitions from fear to greed.
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