The inverted head and shoulders pattern hints at a decisive breakout move in the Polkadot market.
Polkadot (DOT) chart technicals suggest it may rally to a new record high near $75 if DOT can manage to close above its $41–$43 range decisively.
That’s according to a classic bullish reversal setup known as an inverse head and shoulders (H&S) that forms when the price undergoes three selloffs during a period of market consolidation.
Đặc biệt, the pattern contains an initial selloff, followed by a short-term price rally and another — deeper — selloff. That leads to one more small correction to the upside, followed by another selloff that bottoms out near/at the lowest level of the first selloff.
The first and last selloffs represent “left” and “right” shoulders, tương ứng, while the second selloff represents the “head.” On the other hand, the level around which all the short-lived rallies top out represents the “neckline” of the head and shoulders pattern.
Traditional analysts typically calculate the H&S upside target from the neckline resistance by measuring the maximum distance between it and the head formation.
Vì thế, it appears that Polkadot has been forming a similar bullish pattern on its weekly chart, như hình bên dưới.
The maximum distance between DOT’s neckline and the head’s bottom comes out to be nearly $31. vì thế, a successful bullish breakout above the neckline range of $41–$43 puts the next long-term target at approximately $75.
Parachain auctions coming in November
The inverse H&S pattern emerged as DOT rallied by almost 30% this past week to reach a five-month high at around $44. At the core of its weekly uptrend was a price boom across the crypto market, as well as the news of Polkadot’s first parachain auctions going live on Nov. 11.
Chi tiết, Polkadot’s parachains are parallelized, application-specific chains — child ledgers tethered to a single parent ledger called the Relay Chain. Due to their parallel nature, parachains tend to process multiple transactions simultaneously and maintain and record their data on the main ledger by communicating with other chains.
Có liên quan: Polkadot to debut parachain auctions after governance vote
That comes as a break from the method of queuing transactions and processing them sequentially.
5 years after the vision of a heterogeneous multichain framework was first outlined in the Polkadot Whitepaper, parachains are now ready to launch on Polkadot. Chuyển động 118, to schedule the first auctions, has passed council & now gone to public referendum.https://t.co/8pt3aT4vO3
— Polkadot (@Polkadot) Tháng Mười 13, 2021
DOT, which serves as a utility token for fees, quản trị, interoperability and bonding inside the Polkadot ecosystem, tập hợp bởi hơn 24% after the parachain auction announcement.
Kế tiếp, Polkadot aims to introduce a cross-chain feature that will enable its Relay Chain to external blockchains (Bitcoin, Ethereum, Vân vân.) via specialized smart contracts. Trong khi đó, the project also plans to launch “in-built bridging modules” that will enhance the interoperability of external blockchains with Polkadot.
Các quan điểm và ý kiến được trình bày ở đây chỉ là của tác giả và không nhất thiết phản ánh quan điểm của Cointelegraph.com. Mọi động thái đầu tư và giao dịch đều có rủi ro, bạn nên tiến hành nghiên cứu của riêng mình khi đưa ra quyết định.
Kiểm tra Adblock (Tại sao?)