Polkadot Price Analysis: DOT Continues to Crash Further Under the Weight of the Selling Pressure

DOT has been very bearish since November 2021. The coin formed a peak at $55 before the market set in for a consistent decline in price. The market has dropped by 88% since a significant high was formed in November.

Critical Demand Zones: $6.50 & $6.00
Critical Supply Zones: $8.00 &$ 9.50

Daily Moving Averages:
MA20: $7.30
MA50: $7.80
MA100: $7.50
MA 200: $11.50

Technical Analysis

The Daily Chart
The months of July and August had a significant move against the overall bearish trend. The price moved from $6.00 in mid-July to $9.50 in mid-August.

The market has fallen by 30% since the high formed in August. DOT has momentarily swerved above the 100 and 50-day moving averages since the year started.

The trend-line that supported the bullish motion during July and August has broken. The price has found a support level at $6.50. The bearish pressure is expected to push through the support level.
Liquidity is resting at a lower price of $6.00. This is likely to be a magnet on price.

The DOT/BTC Chart

Critical Supply Zones: 0.000480, 0.000400
Critical Demand Zones: 0.000280, 0.000300

The DOT/BTC chart is also bearish, like the DOT/USD. DOT has been ranging after the bearish displacement from 0.000480 to 0.000280. A double top has formed on the daily chart. The break of the demand level at 0.0003 is expected to cause a bearish displacement.

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