Polkadot (DOT) Price Analysis: July 8

Polkadot (DOT) Price Analysis: July 8
  • On July 8, the bullish DOT price analysis is at $8.
  • DOT’s bearish market price analysis for July 8, 2022, is $6.08.
  • Polkadot’s 50MA shows an upward trend.

In Polkadot (DOT) price analysis on July 8, 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 8 is 2022 is explained below within a two-hour time frame.

DOT/USDT Horizontal Channel Pattern (Source: Tradingview)

A horizontal channel or sideways trend has the appearance of a rectangle pattern. It consists of at least four contact points. this is because it needs at least two lows to connect, as well as two highs. Buying and selling pressure is equal, and the prevailing direction of price action is sideways. Horizontal channels form in periods of price consolidation. Buying and selling forces are similar in a horizontal channel until a breakout or breakdown occurs.

Currently, the price of DOT is $7.11. If the pattern continues, the price of DOT might reach the resistance level of $8 and the buy level is $7.21 If the trend reverses, then the price of DOT may fall to $6.08 and the sell level is $6.60.

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. Notably, the DOT price lies above 50 MA (short-term) and lies below 200 MA (long-term). Henceforth, when DOT completely moves 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.

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.