Polkadot (DOT) Price Analysis: May 19

Polkadot (DOT) Price Analysis: May 19
  • On May 19, the bullish DOT price analysis is at $11.20.
  • DOT’s bearish market price analysis for May 19, 2022, is $8.95.
  • Polkadot’s MA shows a downward trend.

In Polkadot (DOT) price analysis on May 19, 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.

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Polkadot (DOT) Price Analysis

DOT price analysis on May 19 2022 is explained below within a two-hour time frame.

A double bottom pattern is a technical analysis charting pattern that describes a change in trend and a momentum reversal from prior leading price action. It describes the drop of a stock or index, a rebound another drop to the same or similar level as the original drop, and finally another rebound. The double bottom pattern always follows a major or minor downtrend in particular security and signals the reversal and the beginning of a potential uptrend. 

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Currently, the price of DOT is $9.91. If the pattern continues, the price of DOT might reach the resistance level of $11.20 and the buy level of $10.20. If the trend reverses, then the price of DOT may fall to $8.95 and the sell level of DOT is $9.60.

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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 200 MA (long-term), so it is completely in a downward 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.

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