Popular crypto on the brink, while bitcoin reigns supreme

In this article, we share a recent Polkadot (DOT) analysis previously shared in our premium group. Experienced analysts share more than 20 of these types of analysis in our private trading community and more than 1,000 Dutch traders are already using it.

Our analysts expect DOT’s stock price to fall first. However, experienced traders know that profitable trading is possible not only when the price goes up, but also when the price goes down.

At the end of this article, we explain how this works and where you can get more information. If you still have questions after reading the analysis or are interested in more analysis and insights from our experts, you can try our Premium membership for free for 30 days.

Bitcoin is once again the big star of the market

In recent days we have been able to see how bitcoin has increased in value, and it seems that the increase has not ended yet. Last night, the king of all cryptocurrencies hit another milestone when the price peaked at $29,175 for the first time since June 2022.

While the market’s eyes are on bitcoin, it is important not to lose sight of other cryptocurrencies. Polkadot, for example, is currently under close scrutiny from Crypto Insiders analysts. Although Bitcoin is currently rising sharply, DOT is looking less good, according to analysts.

Market looks to bitcoin, analysts to DOT

Analysts have been less positive on DOT pricing for a while and even issued a red sell zone in previous analysis. In their most recent analysis, they share the following:

“The DOT recently reached the 100 and 200 moving averages and it looks like the price has rallied from there. This is an important time for us to watch our short positions and potentially take profit if price reverses quickly.

Still, in the near term, we expect the TOD to fall further below the February 2023 level and eventually even the March bottom. We expect this to happen in a three wave pattern. In short, we still see a downtrend in the near term. Our initial price target is between the 78.6% and 88.8% Fibonacci levels, which translates to a price between $4,612 and $5,025.”

Therefore, analysts have chosen to do nothing for now. They still have a short position open and are benefiting from a price drop. If they take your profit or if something changes in the analysis, they will immediately share it in the Premium community with all members.

This analysis was shared with members on March 28. Analytics are typically shared 48 hours in advance in our Premium environment and therefore may be slightly out of date.

Profit when a price falls?

Experienced traders use Bybit to take advantage of falling prices. Here you can trade derivatives and place so-called short orders when you expect the price to fall. You can create a free account through this link and Bybit records that you are Crypto Insiders. With this you support our platform and you are eligible for great prizes and offers. If you still have questions after reading the review or are interested in learning more, take a look at our Premium Information page and try the first 30 days for free.

Disclaimer: Investing involves risk. Our analysts are not financial advisers. Always consult an advisor when making financial decisions. The information and advice provided on this website is based on the insights and experiences of our own analysts. Therefore, these are for educational purposes only.