Polkadot price analysis: DOT breaks below $8.49. Will bulls return?

The Polkadot price analysis reveals that a drop in price has been observed today, which is why the market is now following a bearish trend. The cryptocurrency is covering a downwards range as the bears have been able to stop the price from going above $8.49.

Timeline of Polkadot-new

Thanks to the latest integration of Chainlink oracle into the Moonbeam smart contract platform, developers in the broader Polkadot ecosystem can now access reliable price feeds as they seek to build functional DApps

As other altcoins suffered severe decimation to their prices during intraday trading on 14 June Polkadot's native token, DOT, saw some relief. The token recorded an uptick in price which was lost by the end of the day.

Polkadot price analysis reveals a relatively bearish approach today; the price has lost some of its value. In the last few days, the price of DOT has received much negative attention and has decreased to a significant degree.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Like most coins, Polkadot [DOT] has been on a persistent decline over the last few months.

Polkadot price analysis remains heavily dominated by bears, as price lowered more than 4 percent today to move as low as $6.73. DOT has been subject to a severe downtrend along with the larger cryptocurrency market, shipping more than 25 percent in price since June 7, 2022.

Polkadot price analysis shows the market is still in a bearish trend as prices have not been able to move sustainably above the $7.00 level. The next area of support is around the $6.61 level where the price has found some buyers in recent days.

Polkadot price analysis shows an extremely bearish market trend as the price began trading in a sloping channel. Within the last 24-hours, DOT prices have declined by 11.26 percent and are currently trading at $7.64.

As the rest of the cryptocurrency market traded flat during trading hours on 10 June, Polkadot (DOT) saw some growth in its price. The DOT token registered an intraday high of 5% during trading hours.

Today's Polkadot price analysis reveals the prices are on a prevailing downtrend that has been seen since yesterday's market rally. The 5.37 percent drop in prices has taken DOT down to $8.59 from the intraday high of $9.11 that was seen yesterday.

The price of Polkadot (DOT) is in a downward correction as the altcoin consolidates above $8.00 support. Currently, the current support has been holding since May 12. On June 7, the altcoin resumed trading between $8.90 and $9.40.