Polkadot Price Analysis: Declining trendline Prevents DOT Price Recovery

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.

Timeline of Polkadot-new

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.

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.