- Polkadot hits new lows for the yr
- All 2023 positive factors worn out because the bears proceed to promote DOT/USD
- If Jerome Powell makes a hawkish speech at present, the downward triangle will level to additional draw back for the DOT/USD pair
The cryptocurrency market rose early within the yr. Following a bearish 2022, traders noticed the beginning of the brand new yr as the start of a brand new bull market.
Bitcoin led the way in which, adopted by different cryptocurrencies. Nevertheless, not all cash had been capable of shut close to their yearly highs.
For instance, the Polkadot has made new lows for the yr. Extra exactly, the DOT/USD pair has returned all his 2023 positive factors, and issues will not be trying good for traders.
That is very true forward of Fed Chairman Jerome Powell’s testimony scheduled at present. He’s scheduled to testify earlier than the Senate Banking Committee in Washington, DC later at present in regards to the semi-annual financial coverage report, and the market can be watching to see what he has to say about future fund charges.
Any hawkish feedback ought to enhance the USD throughout the board. Not solely fiat currencies, but in addition cryptocurrencies react.
Mixed with the technical evaluation chart, the bias is bearish, as indicated by the downward pointing triangle.
Polka Dot Chart by TradingView
Descending triangle poses challenges for DOT/USD
A descending triangle is a bearish continuation sample. Due to this fact, value actions that observe the sample ought to proceed in the identical course as the principle pattern has progressed.
The principle pattern is bearish contemplating the truth that the DOT/USD has fallen from its 2021 peak above $52 to its present stage of $4.7.
To verify a bearish sample, the market ought to transfer at the least a distance equal to the longest a part of the triangle. Because it factors to nearly 0, there is no such thing as a level in calculating it.
I am not saying that the polkadot can be 0. Earlier than shopping for an affordable coin, it’s higher to take a look at the massive image and search for apparent factors on the chart. On this case, the bulls are trapped as they lose the positive factors in 2023. Including a descending triangle leaves the bias bearish as an alternative of bullish.
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