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Polkadot - DOTUSDT Losing -88% 😱

Hi Traders and Investors

Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.

For those interested in the altcoin Polkadot - here's my view on this cryptocurrency :

Polkadot has already lost -88% during this bear market . Looking at the technical indicator Phoenix Ascending, it seems like DOT is about to go even lower. This bear cycle has hit Polkadot particularly hard and from the charts, it looks like a liquidity drain. Ideally when you invest your hard earned money , you want to invest in a project that grows and can hold a certain support zone even during a bearish cycle . Unfortunately, this just doesn't seems possible for Dot and it may be a good time to start questioning the fundamentals of this blockchain project.

There are also other factors to consider globally pointing towards economic strain across the market, meaning it might not be time to call bullish just yet. With inflation at all time highs, the ongoing war in Ukraine and the price of commodity oil and gas sky-rocketing, talks of recession is whispered in conversation amongst entrepreneurs and businessmen like Elon Musk who has been cutting down staff at Tesla in apparent anticipation of a recession. A monkeypox outbreak is also looming around each corner, and we can't help but wonder if we are heading towards another March 2020. You have to ask yourself, do all of these things seems bullish or bearish from a macro perspective? Unfortunately, it rarely happens that a major altcoin by market cap will rally when the rest of the market is trading lower.

Meanwhile in other cryptocurrency news , the world has been shocked by the LUNA crash and even the SEC government officials are now investigating this liquidity drain. Hacktivist group Anonymous has vowed to bring Do Kown's crimes to light, founder of Terra and Luna .

What is your trading idea / analysis on DOT ?

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