Polkadot (DOT) Price Analysis: July 20

Polkadot (DOT) Price Analysis: July 20
  • On July 20, the bullish DOT price analysis is at $9.
  • DOT’s bearish market price analysis for July 20, 2022, is $6.89.
  • Polkadot’s MA shows an upward trend.

In Polkadot (DOT) price analysis on July 20, 2022, we use price patterns, and Moving Average about DOT to analyze the future movement of the cryptocurrency

Polkadot (DOT)

The Polkadot is the next-generation blockchain that attempts to promote a heterogenous multi-chai framework. The ecosystem tries to resolve many of the limitations that blockchain currently holds, like scalability and security. DOT is the native cryptocurrency of Polkadot. Polkadot (DOT) is a blockchain with a cor network, the relay chain where other blockchains connect and communicate with each other. 

Hence, Polkadot is designed to operate two types of blockchains. The main network is called a relay chain, where transactions are permanent, and user-creates networks called parachains. 

Polkadot (DOT) Price Analysis

DOT price analysis on July 20 is 2022 is explained below within a hourly time frame.

DOT/USDT Rising Wedge Pattern (Source: Tradingview)

The rising wedge pattern is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. A rising wedge pattern can be one of the most difficult patterns to accurately recognize and trade.

Currently, the price of DOT is $7.91. If the pattern continues, the price of DOT might reach the resistance level of $9 and the buy level of $8.20. If the trend reverses, then the price of DOT may fall to $6.89 and the sell level of $7.26.

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 bullish state. Notably, the DOT price lies above 50 MA (short-term) and also lies above 200 MA (long-term). 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.

Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.