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Polkadot (DOT) Price Analysis: June 23

Polkadot (DOT) Price Analysis: June 23
  • On June 23, the bullish DOT price analysis is at $8.23.
  • DOT’s bearish market price analysis for June 23, 2022, is $6.88.
  • Polkadot’s 200MA shows an upward trend.

In Polkadot (DOT) price analysis on June 23, 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 June 23, 2022, is explained below within an hourly time frame.

DOT/USDT Descending Channel Pattern (Source: Tradingview)

A descending channel is a chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. The descending channel pattern is also known as a falling or down channel. The upper line is identified first, as running along with the highs and is called the trendline. 

The lower line is identified as parallel to the trendline, running across the bottom. It is a bearish chart pattern defined by a trendline supporting the series of lower lows and a diagonal resistance level connecting the lower highs.

Currently, the price of DOT is $7.49. If the pattern continues, the price of DOT might reach the resistance level of $8.23 and the buy level is $7.84. If the trend reverses, then the price of DOT may fall to $6.88 and the sell level of DOT is $7.35.

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 below 50 MA (short-term) and 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.