Polkadot (DOT) Price Analysis: June 17

  • On June 17, the bullish DOT price analysis is at $8.76.
  • DOT’s bearish market price analysis for June 17, 2022, is $6.35.
  • Polkadot’s 50MA shows an upward trend.

In Polkadot (DOT) price analysis on June 17, 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 17, 2022, is explained below within an hourly time frame.

DOT/USDT Ascending Channel Pattern (Source: Tradingview)

An ascending channel is a chart pattern formed from two upward trendlines and drawn above and below a price representing resistance and support levels. The ascending channel is also known as a rising channel and channel up. The lower line is identified first, as running along with the lows, defines the trendline. The upper line is identified as parallel to the trendline, running along with the highs. It is a bullish chart pattern defined by a trend line supporting the series of higher lows and a diagonal resistance level connecting the higher highs. 

When the price is around the bottom trendline, look for long opportunities, although aggressive traders could trade long and short at both trend lines looking for a bounce or pullback. The breakout above the upper trendline generates a strong buy signal, while a break down below the lower trendline generates a strong sell signal.

Currently, the price of DOT is $7.43. If the pattern continues, the price of DOT might reach the resistance level of $8.76, and the buy level of $7.80. If the trend reverses, then the price of DOT may fall to $6.35 and the sell level of DOT is $7.20.

Polkadot (DOT) Moving Average

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

Currently, DOT is in a bearish state. Notably, the DOT price lies above 50 MA (short-term), and lies below 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.

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