Polkadot: Now It’s Crunch Time

Polkadot has been unable to resist the widespread downturn in the altcoin sector, giving up much of its recent gains after a solid performance in recent days. Our grayed-out Target Zone for the low of the green wave [ii] is coming back into focus – though under our primary scenario, DOT shouldn’t fall much lower in the short term. If the coin drops below the $3.80 support, however, a new bear market low in our orange Target Zone between $2.40 and $1.07 will be on the horizon. In this 39% probable alternative scenario, the coin would erase all gains since the low in October 2023, implying a new bottom for the magenta wave alt.[ii]. In our primary scenario, we expect renewed buying pressure soon, which should allow the green wave [iii] to surpass the resistance at $5.38.