In a series of tweets, Chetan Gurjar, a crypto analyst, shared his bullish outlook on the price movement of Polkadot (DOT). Gurjar’s analysis suggests that DOT may be poised for a significant upward trend, despite the prevailing bearish sentiment surrounding the crypto.
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Monthly Chart Hints at Bullish Prospects for DOT
According to Gurjar, the monthly chart of DOT displays a potential bullish pattern after a recent cross. “I don’t know if I’m right or wrong, but this monthly chart of $DOT after this cross looks bullish af…” he stated, hinting at the possibility of a substantial price increase. However, Gurjar cautioned that a monthly close below $8.62 could invalidate this bullish scenario.
Elliot Wave Analysis and Potential Price Targets
In a separate tweet, Gurjar provided an in-depth analysis of DOT’s price action based on the Elliott Wave theory. He identified a potential “1-2, 1-2 waves structure scenario” where DOT could be in a third wave extension. Consequently, Gurjar outlined potential price targets for DOT based on Fibonacci ratios, should this scenario play out.
The minimum target, according to Gurjar’s analysis, is $44, corresponding to the 1.618 Fibonacci extension. Additionally, he identified $67 and $102 as the 2.618 and 3.618 Fibonacci extension targets, respectively. However, Gurjar emphasized that a price below $5.9770 would invalidate this bullish scenario.
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At the time of writing, the Polkadot price stood at $8.63, up 2.12% in the last 24 hours, according to data from CoinMarketCap. Nonetheless, it’s essential to note that price predictions and analysis are not guaranteed indicators of future performance, and investors should exercise caution and conduct thorough research before making investment decisions.
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