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02.08.202407:35 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday August 02, 2024.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 02.08.2024 analysis

Although the condition of the Polkadot cryptocurrency is still under Seller pressure on its 4-hour chart, this is confirmed by the Polkadot price movement which is moving below the EMA 20 & EMA 50 and is in the Bearish channel, but with the appearance of deviations between the Polkadot price movement which forms a Lower Low with the Awesome Oscillator indicator which makes a Lower High, in the near future this cryptocurrency has the potential to be corrected to strengthen up to the level of 5.5367 if it is successfully broken upwards, Polkadot has the potential to continue its strengthening to the level of 5.7210, but if on its way to these targets Polkadot suddenly returns to its initial bias again until it breaks below the level of 5.0180, then all the strengthening correction scenarios that have been described previously will be invalid and canceled by themselves.

(Disclaimer)

Arief Makmur
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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