- On April 8, optimistic DOT price research indicates that the stock is trading at $23.430.
- DOT projects a negative market price of $18.545 on April 8, 2022.
- Polkadot’s moving average demonstrates the decreasing trend.
Polkadot (DOT) price analysis for April 8, 2021 uses price trends and a Moving Average to forecast the cryptocurrency’s future movement.
The Polkadot (DOT)
DOT is polkadot’s native cryptocurrency. In 2016, a standard for blockchain interoperability was devised. It is a sharded blockchain, which implies that multiple chains are connected to the same network, allowing for parallel processing and data movement between chains without jeopardising security.
Price Analysis of Polkadot (DOT)
The DOT price analysis for April 8, 2022 is detailed below on an hourly basis.
The appearance of a horizontal channel or sideways trend is similar to that of a rectangle pattern. It has at least four places of contact. This is because it requires at least two lows and two highs to connect. The buying and selling pressures are equal, and the price motion is primarily sideways. Horizontal channels occur during price consolidation times. In a horizontal channel, buying and selling pressures are similar until a breakout or breakdown occurs.
DOT is currently priced at $20.51. If the pattern holds, DOT’s price may reach the resistance level of $23.430, while the buy level is $21.3. If the trend reverses, the price of DOT might go as low as $18.545, while the sell level is $19.760.
Moving Average with Polkadots (DOT)
The chart below illustrates the DOT’s Moving Average (MA).
DOT is currently bearish. Notably, the DOT price is trading below the 50 MA (short-term) and 200 MA (short-term), indicating that it is entirely bearish. As a result, there is always the risk of a reversal of the DOT trend.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.