Polkadot price analysis: Bullish momentum breaks down in face of bearish resistance as DOT price steps down to $10.9

The Polkadot price analysis hints in the bearish direction as the price underwent a significant decline during the day. The price levels have dropped slightly as the bears showed momentum earlier in the day.

Timeline of Polkadot-new

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Polkadot has been on a sharp decline over the last week as the broader market extended losses at press time. Bitcoin nosedived to $28,000 and presented a loss of 7% over the last 24 hours.

The price of Polkadot (DOT) is in a downtrend today, but is making an impressive move to the upside. Buyers have overcome the initial resistance at $10. This is an indication of strong buying at lower price levels.

Polkadot price analysis shows that the prices are currently in an uptrend and are expected to continue rising in the near-term. However, prices are facing some resistance at $10.0.

A descending trendline carrying the ongoing correction plunged the Polkadot(DOT) price to $7.3. However, the coin price reverted from this support with a morning star candle, prompting an occasional pullback.

The Polkadot (DOT/USD) price has bounced back towards the weekend as investors rush to buy the dip in digital coins and technology stocks. The DOT token is trading at $11.13, which is above this week's low of $6.96. Its market cap has bounced back to about $13 billion, making it the 10th biggest coin in The post Polkadot price prediction: Will the DOT recovery hold? appeared first on Invezz.

Polkadot price analysis reveals DOT price has been under bearish pressure over the past few days as the market corrects from the recent bearish rally. However, bulls have stepped in to counter the bearish pressure and push the price back up.

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.

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.