Polkadot (DOT) Price Analysis: May 17
- On May 17, the bullish DOT price analysis is at $14.20.
- DOT’s bearish market price analysis for May 17, 2022, is $7.50.
- Polkadot’s MA shows a downward trend.
In Polkadot (DOT) price analysis on May 17, 2022, we use price patterns, and Moving Average about DOT to analyze the future movement of the cryptocurrency.
Polkadot (DOT)
DOT is the native cryptocurrency of Polkadot. A blockchain interoperability system protocol was established in 2016. Moreover, it is a sharded blockchain, which means that many different chains are connected to the same network, which allows them to process and transfer data between chains in parallel without sacrificing security.
Polkadot (DOT) Price Analysis
DOT price analysis on May 17 2022 is explained below within a four-hour time frame.
An ascending triangle is generally considered to be a continuation pattern. Meaning that the pattern is significant if it occurs within an uptrend or downtrend. Once the breakout from the triangle occurs, traders tend to aggressively buy or sell the asset depending on which direction the price breaks out. The trendlines of a triangle need to run along at least two swing highs and two swing lows. Furthermore, long trade is taken if the price breaks above the top of the pattern. A short trade is taken if the price breaks below the lower trendline.
Currently, the price of DOT is $11.15. If the pattern continues, the price of DOT might reach the resistance level of $14.20 and the buy level of $11.75. If the trend reverses, then the price of DOT may fall to $7.50 and the sell level of DOT is $9.05.
Polkadot (DOT) Moving Average
The DOT’s Moving Average (MA) is shown in the chart below.
Currently, DOT is in a bearish state. Notably, the DOT price lies below 50 MA (short-term) and 200 MA (long-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of DOT at any time.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/polkadot-dot-price-analysis-may-17/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
