Polkadot (DOT) Price Analysis: July 17

  • On July 17, the bullish DOT price analysis is at $7.37.
  • DOT’s bearish market price analysis for July 17, 2022, is $6.08.
  • Polkadot’s MA shows an upward trend.

In Polkadot (DOT) price analysis on July 17, 2022, we use price patterns, and Moving Average about DOT to analyze the future movement of the cryptocurrency

Polkadot (DOT)

The Polkadot is the next-generation blockchain that attempts to promote a heterogenous multi-chai framework. The ecosystem tries to resolve many of the limitations that blockchain currently holds, like scalability and security. DOT is the native cryptocurrency of Polkadot. Polkadot (DOT) is a blockchain with a cor network, the relay chain where other blockchains connect and communicate with each other. 

Hence, Polkadot is designed to operate two types of blockchains. The main network is called a relay chain, where transactions are permanent, and user-creates networks called parachains. 

Polkadot (DOT) Price Analysis

DOT price analysis on July 17 is 2022 is explained below within a four-hour time frame.

DOT/USDT Ascending Channel Pattern (Source: Tradingview)

An ascending channel is defined as the price action contained between two parallel upward-sloping lines. This price pattern is distinguished by higher highs and lower lows. An ascending channel is created by drawing a lower trend line that connects the swing lows and an upper channel line that connects the swing highs.

Price does not always remain entirely formed within the parallel lines of an ascending channel, but instead shows areas of support and resistance that traders can use to set stop-loss orders and profit targets. A breakout above an ascending channel may indicate a continuation of the upward trend, whereas a breakdown below an ascending channel may indicate a change in trend.

Currently, the price of DOT is $7.13. If the pattern continues, the price of DOT might reach the resistance level of $7.37 and the buy level of $6.94 If the trend reverses, then the price of DOT may fall to $6.08 and the sell level of $6.28.

Polkadot (DOT) Moving Average

The DOT’s Moving Average (MA) is shown in the chart below. 

Currently, DOT is in a bullish state. Notably, the DOT price lies above 50 MA (short-term) and also lies above 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.

Source: https://thenewscrypto.com/polkadot-dot-price-analysis-july-17/