Polkadot (DOT) Price Analysis: May 24

• On May 24, the bullish DOT price analysis is at $11.85.
• DOT’s bearish market price analysis for May 24, 2022, is $8.20.
• Polkadot’s MA shows a downward trend.

In Polkadot (DOT) price analysis on May 24, 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 24 2022 is explained below within a three-hour time frame.

The descending triangle pattern forms at the end of a downtrend or after a correction to the downtrend. The descending triangle is a bearish pattern that is characterized by a descending upper trendline and a flat lower that acts as support. The descending triangle often referred to as the falling triangle has an inherent measuring technique that can be applied to the pattern to gauge likely take profit targets. 

Currently, the price of DOT is $10.60. If the pattern continues, the price of DOT might reach the resistance level of $11.85 and the buy level of $10.65. If the trend reverses, then the price of DOT may fall to $8.20 and the sell level of DOT is $9.45.

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), but lies below 200 MA (long-term). Once it completely lies above both 50 and 200 MA it is said to be a bullish 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.