Polkadot (DOT) Price Analysis: August 2

Polkadot (DOT) Price Analysis: August 2
  • On August 2, the bullish DOT price analysis is at $9.69.
  • DOT’s bearish market price analysis for August 2, 2022, is $7.46.
  • Polkadot’s MA shows a upward trend.

In Polkadot (DOT) price analysis on August 2, 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. 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 August 2 is 2022 is explained below within a daily time frame.

DOT/USDT Ascending Channel Pattern (Source: Tradingview)

An ascending channel is defined as the price action contained between two parallel upward-sloping lines. This price pattern is distinguished by higher highs and lower lows. An ascending channel is created by drawing a lower trend line that connects the swing lows and an upper channel line that connects the swing highs.

Price does not always remain entirely formed within the parallel lines of an ascending channel, but instead shows areas of support and resistance that traders can use to set stop-loss orders and profit targets. A breakout above an ascending channel may indicate a continuation of the upward trend, whereas a breakdown below an ascending channel may indicate a change in trend.

Currently, the price of DOT is $7.83. If the pattern continues, the price of DOT might reach the resistance level of $9.69 and buy level $8.80 If the trend reverses, then the price of DOT may fall to $7.46 and sell level $8.37.

Polkadot (DOT) Moving Average

The DOT’s Moving Average (MA) is shown in the chart below. 

DOT MA (Source: Tradingview)

Currently, DOT is in a bearish state. However, the DOT price slightly lies above 50 MA (short-term) but lies below 200 MA (long-term). Henceforth, when DOT completely moves above 50 & 200 MA then it is said to be a bullish 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.

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