Polkadot [DOT] enters critical support level, should investors bet on it

DOT is still bleeding as the bear market extends for yet another week, with no sign of slowing down. This has especially been the case in the last two days during which selling volumes increased after failing to bounce back.

Timeline of Polkadot-new

Mangata Finance, the Polkadot-based DEX, is all set for launch on June 6th. Recently, it had a successful crowdloan that was closed in just under an hour that secured it a slot on Polkadot's innovation network Kusama.

The bloodbath continued on the charts as the altcoin market continued to plunge further south. FTX Token attempted to climb past the $30 mark but was unable to stay above this level.

The latest Polkadot price analysis confirms a bearish trend for the day as the selling pressure has been continuously growing for today as well. For the past week, the market has been under the strong influence of sellers as the price levels have been sinking since then.

Polkadot price analysis continues to show bearish signs that only intensified over the past 24 hours. The price is down 12.16 percent over the last day and is now trading just above $10.8.This sell-off comes after a period of consolidation that saw DOT prices trade in a tight range between $12 and $13.

On the 6th of May, Polkadot's most recent auction round came to an end, generating over $13.8 million and bringing a new platform to the system. The winner of this auction, Polkadex, put up 973,324 DOTs across over 6000 community member donations, demonstrating the incredible community push that was behind this win.

At the time of writing this article, according to CoinGecko, the crypto marketcap has tanked to $1.53 Trillion over the last 7 days. All major top tokens bled red and DOT is no exception.

Polkadot price analysis reveals a prevailing decline of DOT prices over the last few days, with prices bleeding to $11.57. The prices are down by a whopping 11.13 percent, registering the weekly low at $11.09 on May 10, 2022.

One of the central problems that affronted many of the earliest blockchain ecosystems was a lack of interoperability, with isolated chains having less utility and creating problems when data needed to be transferred between them. This problem persisted for much of blockchain's early history, until the creation of protocol systems that sought to tackle interoperability.

Substrate-based decentralized exchange, Polkadex has won the 16th Polkadot parachain slot auction, after raising 973,324 $DOTs ($12.2M worth) from more than 2,300 contributors within its community. The decentralized order book joins Litentry,  a decentralized identity aggregation protocol, and Unique Network, a scalable blockchain for composable NFTs, as the winners in the latest Polkadot parachain slot auction.

Polkadot price analysis suggests a drop to $12.00 The closest support lies at $12.50 DOT faces resistance at the $13.84 mark The Polkadot price analysis shows that the asset's price action was rejected at the $14.50 mark and is headed back towards the $12.50 support level as the bears take over.  The.