Polkadot (DOT) Price Analysis: July 28

Polkadot (DOT) Price Analysis: July 28
  • On July 28, the bullish DOT price analysis is at $7.58.
  • DOT’s bearish market price analysis for July 28, 2022, is $5.99.
  • Polkadot’s MA shows a downward trend.

In Polkadot (DOT) price analysis on July 28, 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 July 28 is 2022 is explained below within a four-hour time frame.

DOT/USDT Falling Wedge Pattern (Source: Tradingview)

The falling wedge is a bullish price pattern that represents a story about the market in which bulls are preparing for another push. A falling wedge pattern is bullish, although it appears after a bearish trend. The falling wedge pattern works as both a trend work as a trend reversal and a trend continuation pattern. If the falling wedge appears in a downtrend, it is considered a reversal pattern. 

A falling wedge is an important technical formation that signals that the correction, or consolidation, has just ended as the asset’s price left the wedge to the upside and, in most cases, the continuation of the overall trend is taking place.

Currently, the price of DOT is $7.26. If the pattern continues, the price of DOT might reach the resistance level of $7.58 and buy level $6.89 If the trend reverses, then the price of DOT may fall to $5.99 and sell level $6.50.

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 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.

A dedicated writer who shows her interest in writing all sorts of content about the cryptocurrency market in NewsCrypto. She is an enthusiastic reader and writer with passion for sharing crypto news and trends.