Polkadot (DOT) Price Analysis: May 10

• On May 10, the bullish DOT price analysis is at $55.
• DOT’s bearish market price analysis for May 10, 2022, is $7.10.
• Polkadot’s MA shows a downward trend.

In Polkadot (DOT) price analysis on May 10, 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 10 2022 is explained below within a day frame.

The descending triangle is a bearish pattern that is characterized by a descending upper trendline and a flat lower trendline that acts as support. This pattern indicates that sellers are more aggressive than buyers as the price continues to make lower highs. 

The pattern completes itself when the price breaks out of the triangle in the direction of the overall trend. The market must be in a downtrend before the descending triangle pattern appears. This is important and emphasizes that traders should not simply trade the pattern whenever the descending triangle appears. 

After the price posts a strong break below the lower trendline, traders will look for confirmation of the pattern through continued downward momentum.

Currently, the price of DOT is $11.40. If the pattern continues, the price of DOT might reach the resistance level of $55 and the buy level of DOT is $23.30. If the trend reverses, then the price of DOT may fall to $7.10 and the sell level of DOT is $10.50.

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.