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Polkadot (DOT) Price Analysis: June 3

Analytics

thenewscrypto.com 02 June 2022 19:12, UTC
  
Reading time: ~2 m

  • On June 3, the bullish DOT price analysis is at $11.90.
  • DOT’s bearish market price analysis for June 3, 2022, is $8.55.
  • Polkadot’s MA shows a downward trend.

In Polkadot (DOT) price analysis on June 3, 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 3, 2022, is explained below within a two-hour time frame.

DOT/USDT Ascending Triangle Pattern (Source: Tradingview)

The ascending triangle pattern is created by price moves that allow for a horizontal line to be drawn along the swing highs and a rising trendline to be drawn along the swing lows. Ascending triangles are often called continuation patterns since the price will typically break out in the same directions as the trend that was in place just prior to the triangle forming. A minimum of two swing highs and two swing lows are required to form the ascending triangle’s trendlines.

Currently, the price of DOT is $9.65. If the pattern continues, the price of DOT might reach the resistance level of $11.90 and the buy level of $10.80. If the trend reverses, then the price of DOT may fall to $8.55 and the sell level of DOT is $9.25.

Polkadot (DOT) Moving Average

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

DOT MA (Source: Tradingview)

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.


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