Today weโre analyzing #DOT ๐ข, one of the most promising "veteran" altcoins.
Polkadot is a segmented blockchain network that allows multiple blockchains to be integrated into a single network โ a sort of precursor to LayerZero.
โก๏ธ By splitting critical transaction data into shards, Polkadot distributes the workload of processing transactions among nodes (servers). This reduces overall latency and addresses scalability issues โ
๐๐ปโโ๏ธ Many altcoins in the TOP 100 share a similar feature: a descending trendline throughout the second quarter of 2024. However, DOT has a distinctive elementโthe formation of a technical pattern known as the "Folding Meter." It consists of three trendlines, and breaking through the first one signals a buying opportunity. Additionally, the largest liquidity pool was taken out below the Old Low of $3.6 from October 2023, forming a new major support โ Bullish Order Block ๐ at $3.58-$4.19.
We've already seen a good reaction from this zone, but for a definitive confirmation โ of the long scenario, a retest of the zone with a sharp upward impulse to close the weekly imbalance at $5.22-$5.54 is desirable.
