Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 19 2024.
April 19, 2024 3:22 am
Although currently on the 4 hour chart Polkadot Cryptocurrency is inside the selling pressure where this is confirmed by MA 20 which is below MA 200 (Death Cross) as well as Stochastic Oscillator which is on the overbought level, but with the MA 20 condition in the middle of candle body as well as the form of Triangle pattern gives the clue that currently Polkadot is inside the Sideways condition, however because of the selling pressure in the near future, Polkadot has the potential to continue its weakness up to the level 6,4455 as the main target and if the momentum as well as the volatility is supporting enough, then the weakness will continue to the next level of 5,7586 but if on the way downside suddenly there is an upward correction which breaks above the level 7,2034 then the weakness correction that has been described before will become invalid.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
Although currently on the 4 hour chart Polkadot Cryptocurrency is inside the selling pressure where this is confirmed by MA 20 which is below MA 200 (Death Cross) as well as Stochastic Oscillator which is on the overbought level, but with the MA 20 condition in the middle of candle body as well as the form of Triangle pattern gives the clue that currently Polkadot is inside the Sideways condition, however because of the selling pressure in the near future, Polkadot has the potential to continue its weakness up to the level 6,4455 as the main target and if the momentum as well as the volatility is supporting enough, then the weakness will continue to the next level of 5,7586 but if on the way downside suddenly there is an upward correction which breaks above the level 7,2034 then the weakness correction that has been described before will become invalid.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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