Polkadot price analysis: DOT heads downwards after facing a $6.03 rejection

Polkadot price analysis is bearish today, as the cryptocurrency has faced a sharp decline at $5.84 earlier today. The bullish trend was seen battling for dominance throughout the day, however, the $5.83 psychological support level proved to be crucial for DOT, as it ultimately drove the price down.

Timeline of Polkadot-new

A new roadmap released for Polkadot and Kusama DOT remained popular in the derivatives market and the crypto community  The last few weeks were not quite impressive for most of the cryptos, as they failed to register upticks due to the bearish market condition.

Polkadot ($DOT), a network that is often described as a “blockchain of blockchains” that allows users to launch and operate their own blockchain on top of the main Polkadot blockchain, has seen its active user numbers surge 300% amid an ongoing cryptocurrency market rout.

Polkadot recorded immense growth in new and active accounts over the past two weeks  The sharded protocol's development activity surged amid a recent DOT hike but the crypto is less likely to improve the performance Polkadot [DOT], in its latest round-up of the past week activities, announced that new accounts on its chain multiplied ten

Polkadot price analysis shows that the cryptocurrency is going strong with a bullish momentum with a potential of hitting the $5.92 mark in the near future. The support level for DOT/USD is at $5.70, and breaking below this level could increase market volatility.

The crypto gaming industry is expected to grow tremendously over the coming decade. Blockchain-based gaming has exploded by 2,000% since Q1 2021, according to Coindesk, and now, investors are seeking to benefit from this budding industry. Two projects at the forefront of Play2Earn and GameFi are Polkadot and Metacade.

Polkadot price analysis is bearish today, as we have seen consolidation and failure to recover over the last 24 hours. Therefore, DOT/USD is ready to decline further and push back toward the $5.48 support.

Polkadot price analysis confirms an increasing trend for cryptocurrency today as the coin value has increased tremendously, reaching above $5.81, the resistance level for DOT/USD is at $5.95 and the support level is at $5.69.

A bullish reversal from the wedge pattern's support trendline triggers a new bull cycle for the Polkadot price. Under the influence of this pattern, the buyers may drive the potential upswing to the overhead resistance.

Polkadot (DOT) is in a downtrend as it falls below the moving average lines. The cryptocurrency's price dropped to a low of $5.34 before it started to fluctuate back above the existing support.

Polkadot price analysis shows the coin crashed hard as the market took a dip today. DOT has been on a downtrend since the start of today as the bulls failed to hold support at $5.91.