Polkadot (DOT) Price Analysis: June 16

• On June 16, the bullish DOT price analysis is at $8.10.
• DOT’s bearish market price analysis for June 16, 2022, is $6.35.
• Polkadot’s MA shows a downward trend.

In Polkadot (DOT) price analysis on June 16, 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 16, 2022, is explained below within an hourly time frame.

The triangle chart pattern shows the period of consolidation that may force a price breakdown or breakout. More so, a breakdown from the lower trendline indicates the beginning of a new bearish trend. On other hand, a breakout from the upper trendline signal shows the beginning of a new bullish trend. Traders also use moving averages in conjunction with a symmetrical triangle chart pattern to trail their stop loss.

Currently, the price of DOT is $7.23. If the pattern continues, the price of DOT might reach the resistance level of $8.10, and the buy level of $7.70. If the trend reverses, then the price of DOT may fall to $6.35 and the sell level of DOT is $6.85.

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 also 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.