Polkadot: Long Re-Accumulation

hey everyone and thanks for jumping back into the cryptoverse today we're going to talk about polka dot and its native token dot if you guys like the content make sure you subscribe to the channel give the video a thumbs up and also check out the telegram channel which you can find a link to in the description below also check out the premium list the prices are going up in about six days let's go ahead and jump in so dot is a project we don't talk about a lot on the channel but i i first mentioned it back over here at the three to six dollar range okay we talked about it over here back in 2020 i said we're probably going to look back at this phase and and look at it like oh an accumulation phase for polka dots native took all right i didn't know when the breakout would come but i said all right we have a few months here of of accumulation now the breakout ended up taking us all the way up you know from around the three to six dollar range we had an all-time high close to around 50 so a fairly nice move approximately a 10x right give or take a few x depending on exactly where you got in uh but still a relatively respectable move we then dropped below the bullmark sportband we had our summer low like most other cryptocurrencies did and now we're actually back business as usual now i will speculate again this year i'm speculating the same thing right the phase that we're in now is very very likely to be considered a re-accumulation phase for a another leg higher note that this range could still last a couple more months right it might not break out until january we know that it didn't break out last time until the end of december early january it rallied on out until until you know the middle of may or so we could see a very similar thing play out especially given how there are a lot of similarities between this year and last year already bitcoin held the bull market support ban asked support over here and then popped above the eight-week sma so far that is what we're doing today as well so again i think that the the likelihood is that again we don't know anything for certain and of course it will depend on what bitcoin does but my speculation dubious as it may is that this range here is just simple re-accumulation okay which will inevitably take us to higher levels and i would also speculate that the next move should be able to get us over the over the 100 mark i'm i'm sincerely hoping it can get us over the 200 mark as well and and maybe even beyond okay so let's just take it one step at a time you know if you if you're looking to get a position in polka dot i do think polka dot is a great project um and i do think it has a role to play this cycle again i don't think the cycle cycle's almost over i know a lot of people are calling for a cycle peak in in a couple months i i don't think that's the case again i could be wrong and we'll have to take a look at the market at the time but i don't think that the market cycle peak is coming in a couple of months i think we have a ways to go and i would say that polka dot is one of the it was one of the top coins in my portfolio i mean it's not the top right it's not it's not bitcoin or ethereum um but it's pretty high up there in terms of in terms of allocations that i have so i do think polka dot is a good project i think the technicals as well right now look relatively strong considering that we're above the 20 week sma for both polka dot and both bitcoin as well um and the speculation that with with the cycles of bitcoin lengthening and whatnot with polka dot hanging out above its 20 week estimate 21 week ema it looks it looks pretty similar to what we saw over here now remember breakouts don't have to occur immediately okay we could still be in this range for weeks or months to come but that's not even the point right the point is that phases like this usually should be considered opportunities and and then once the breakout happens everyone looks back and wishes they could have got in at a lower price right once the breakout happens people look back and and they kind of um reminisce about the old days and how they should have bought more and whatnot now i wouldn't bet the family farm by any stretch of the imagination just to manage your downside risk in case bitcoin dumps but i do think there is a strong possibility that we will look back and this will just be a long accumulation phase in getting in preparation for a second leg up in the market cycle the dot bitcoin valuation also looks relatively healthy coming in above its own bull market sportband um the the you know the 20 week sma for that is around 5 500 55 61 satoshi's we're currently at 61.76 satoshi's so dot bitcoin is looking good there but then we also have the dot ether evaluation which is also above its bull market support band well it's at least about that's one of the custom a one thing i'm looking at is you know we had a bottom here we had a bottom over here if it comes back down into this range that could be a an interesting turnaround point for the dot ether evaluation and then hopefully it bounces and maybe comes back up this way i do think that dot is is um you know i mean with the pair chain auctions and whatnot it being a lase layer zero and hopefully a lot of people building on top of it i i am i am optimistic about about what lies ahead they do need to figure out some of the issues with the validators and nominators and and minimum minimum tokens required to stake it's kind of high and and the fact that you know it's hard for validators to really to really start up on polka dot does present an issue for forgetting some intrinsic marketing but i i would say it's not like that that necessarily affects every project um so let's keep this in mind all right i'll we'll come back to this video in a few months and say all right was was it a re-accumulation phase was it not again if as long as it's sort of in this region over here i think we're just looking at a long re-accumulation range and then hopefully we'll break out either later this year or early next year thank you guys for tuning in make sure you subscribe click the bell icon to turn on notifications remember to check out the premium listed into the cryptoverse.com the prices are going up in about a week so you can lock in the low rate if you want to know how i'm now getting these markets you can find a link to that in the description below subscribe i'll see you next time bye

Channel: Benjamin Cowen

Views: 78,386

Keywords: Cryptocurrency, Bitcoin, BTC, XBT, Crypto, Finance, Money, Investing, Blockchain, Wealth, Invest, Bull Market, Bear Market, Bubble, Speculative Bubble, Accumulation, Correction, Crash, Bulls, Bears, Mania, Fear, Greed, FUD, FOMO, Ethereum, ETH, Ether, Altcoins, Alts, Market, Markets, Polkadot, DOT, DOT/BTC, DOT/ETH, DOT/USD, Parachains, Parachain Auctions

Id: XWQYjTrBDMU

Length: 6min 6sec (366 seconds)

Published: Sat Oct 09 2021