{"id":361561,"date":"2021-11-02T18:39:48","date_gmt":"2021-11-02T15:39:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/is-polkadot-eyeing-100-next-dot-price-jumps-25-triggering-classic-bullish-chart-pattern\/"},"modified":"2021-11-02T18:39:48","modified_gmt":"2021-11-02T15:39:48","slug":"is-polkadot-eyeing-100-next-dot-price-jumps-25-triggering-classic-bullish-chart-pattern","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/is-polkadot-eyeing-100-next-dot-price-jumps-25-triggering-classic-bullish-chart-pattern\/","title":{"rendered":"# Is Polkadot eyeing $100 next? DOT price jumps 25%, triggering classic bullish chart pattern"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3809236c9a8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3809236c9a8\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/is-polkadot-eyeing-100-next-dot-price-jumps-25-triggering-classic-bullish-chart-pattern\/#Parachain_auction_FOMO\" >Parachain auction FOMO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/is-polkadot-eyeing-100-next-dot-price-jumps-25-triggering-classic-bullish-chart-pattern\/#KSM_fractal\" >KSM fractal<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Is Polkadot eyeing $100 next? DOT price jumps 25%, triggering classic bullish chart pattern <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Polkadot\u2019s native\u00a0DOT\u00a0token\u00a0looks poised to rally toward $100 in the coming sessions as it triggers a classic bullish reversal setup.<\/p>\n<p>Dubbed \u201cinverse head and shoulders\u201d (IH&amp;S), the technical structure <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears when an instrument forms three troughs in a row, with the middle one \u2014 called the head \u2014 being the lowest and the other two \u2014 known as the right and left shoulders \u2014 of almost equal heights.<\/p>\n<p>Meanwhile, the level at which all the troughs top out represents the \u201cneckline.\u201d<\/p>\n<p>So, it appears DOT has been forming an IH&amp;S ever since its price correction from the $43\u2013$49 price range (neckline), as shown in the chart below. On Nov. 1, the Polkadot token broke above the area and continued rallying the next day to bring its month-to-date returns to almost 25% while bumping its record high to $53.35.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/936fdb64-e9e6-4ee2-a954-7389b92971d8.png\"><figcaption style=\"text-align: center;\"><em>DOT\/USDT daily price chart featuring IH&amp;S pattern. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The price jump accompanied an increase in trading volumes, showing that traders supported the move above the IH&amp;S neckline. As a result, DOT\u2019s prospects of rising by as much as the maximum distance between its IH&amp;S\u2019s head and neckline (around $39) improved.<\/p>\n<p>As a result, DOT\u2019s profit target out of its IH&amp;S setup comes out to be near $90, with possibilities of extended rallies toward $100, a psychological resistance level.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Parachain_auction_FOMO\"><\/span>Parachain auction FOMO<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>DOT\u2019s latest price rally came as traders\u2019 focus shifted to its highly anticipated parachain auctions on or around Nov. 11.<\/p>\n<p>The Polkadot team announced on Nov. 1 that its council passed the motion that enables parachain registrations and crowdloans beginning Nov. 4, adding that the proposal now awaits a go-ahead via a public referendum.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The motion to enable parachain registration and crowdloans has passed Polkadot&#8217;s council and gone to a public referendum. If passed, parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021 at approx. 19:15 CET. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/5ouDWBmnvc\">https:\/\/t.co\/5ouDWBmnvc<\/a><\/p>\n<p>\u2014 Polkadot (@Polkadot) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Polkadot\/status\/1455161952783814656?ref_src=twsrc%5Etfw\">November 1, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In detail, crowdloans enable rivaling projects to raise capital via DOT to bootstrap their parachain auctions. <\/p>\n<p>Those who support the projects lock their DOT into a sponsored account for a predefined period. In return, they receive rewards in the form of air-dropped tokens from the project competing for the parachain slot.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"KSM_fractal\"><\/span>KSM fractal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In June, Polkadot\u2019s test-net chain, dubbed Kusama, conducted a similar parachain slot auction. The protocol ended up proving the effectiveness of the crowdloan mechanism, as users contributed more than 1.11 million KSM across the five parachain auctions. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/1ed0f983-d016-410f-b2fd-5e156a8323b9.png\"><figcaption style=\"text-align: center;\"><em>KSM supply dedicated to its first five crowdloans as of Aug. 6. Source: Subscan, Messari<\/em><\/figcaption><\/figure>\n<p>That represented over 10% of the total KSM supply locked.<\/p>\n<p><strong><em>Related:\u00a0Kusama network set to launch its next five parachain auctions<\/em><\/strong><\/p>\n<p>KSM\u2019s price rallied in the days leading up to the auction in June. It peaked out on May 16 at around $645 and then dropped over 78% to $138.50 two months later. The sell-off also surfaced amid an overall crypto market decline, led by China&#8217;s full-fledged ban on crypto activities.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/382c22fe-3403-43cd-aae5-bdbcc99d55b9.png\"><figcaption style=\"text-align: center;\"><em>KSM\/USDT daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Hence, it appears DOT has also been undergoing a so-called \u201cbuy-the-rumor\u201d\u00a0price rally as traders bet higher on the parachain auction event. But in the absence of a China-like event, the cryptocurrency looks to be pursuing the IH&amp;S setup mentioned above.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/is-polkadot-eyeing-100-next-dot-price-jumps-25-triggering-classic-bullish-chart-pattern\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Is Polkadot eyeing $100 next? DOT price jumps 25%, triggering classic bullish chart pattern &#8221; Polkadot\u2019s native\u00a0DOT\u00a0token\u00a0looks poised to rally toward $100 in the coming sessions as it triggers a classic bullish reversal setup. Dubbed \u201cinverse head and shoulders\u201d (IH&amp;S), the technical structure appears when an instrument forms three troughs in a row, with&#8230;<\/p>\n","protected":false},"author":1,"featured_media":361562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvMzIxOTBkNjItYWU3YS00MzFjLWJlMWItMWE3Yjk0OGVjYzIwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74939,75679,75150,75168,78261,118394,73785],"class_list":["post-361561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-market-analysis","tag-market-capitalization","tag-market-update","tag-polkadot","tag-tech-analysis","tag-tech-startups","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/361561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=361561"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/361561\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/361562"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=361561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=361561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=361561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}