Polkadot (DOT) Price Analysis: May 05

• On May 05, the bullish DOT price analysis is at $19.65.
• DOT’s bearish market price analysis for May 05, 2022, is $12.81.
• Polkadot’s MA shows a downward trend.

In Polkadot (DOT) price analysis on May 05, 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 May 05 2022 is explained below within a four-hour time frame.

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 channel or channel down. 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 $15.12. If the pattern continues, the price of DOT might reach the resistance level of $17.00, $18.38, $19.65 and the buy level of DOT is $15.60. If the trend reverses, then the price of DOT may fall to $12.81 and the sell level of DOT is $14.20.

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 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.