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



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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

Polkadot Price Analysis: DOT Continues to Crash Further Under the Weight of the Selling PressureDaily 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. Polkadot Price Analysis: DOT Continues to Crash Further Under the Weight of the Selling PressureA 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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.