Lorenzo Stroe
Independent Analyst
- Polkastarter price had a significant breakout from a critical pattern on the 4-hour chart.
- The long-term price target of POLS is around $6.5.
- The digital asset has a lot of momentum behind it thanks to successful token sales.
Polkastarter is a platform built on Polkadot which enables users to participate in IDOs (Initial Dex Offerings). For now, all token sales on the platform had enormous success which propelled the price of POLS to $7.85.
Polkastarter price aims for $6.5 after breakout
On the 4-hour chart, Polkastarter had a significant breakout above a descending triangle pattern with a target of $6.5 in the long-term. After POLS climbed above the key resistance level of $4.27, it re-tested it in the next 24 hours and bounced towards a high of $5.09.
Additionally, the number of large holders joining the network has increased significantly over the past two weeks. The amount of whales with 1,000,000 to 10,000,000 coins ($4,500,000 to $45,000,000) increased by four since February 22. Similarly, the number of large holders with 100,000 to 1,000,000 coins also increased by four.
To invalidate the bullish outlook, the bears will have to push Polkastarter price towards the previous lower trendline at $3.46.
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