Polkadot price analysis: Price function deflates down to $6.35 as bearish trend reinstates

Polkadot price analysis shows a downtrend in the market as the price function deflates down to $6.35. This bearish trend emerged as sellers regained control and the DOT/USD pair struggled to break above resistance at $6.54.

Timeline of Polkadot-new

Polkadot price analysis shows DOT prices are still in a bearish market as they dip further to lows of $6.48.  Polkadot price has been struggling to break past the resistance level at $6.71 and continues to face downward pressure.

Polkadot [DOT] has been in the spot light for quite some time now owing to its high development activity. DOT made headlines once more for the same reason, as it ranked second among crypto projects in terms of development activity in the last 30 days, only behind Cardano [ADA].

The Polkadot (DOT) price has yet to break out from long-term resistance levels in the weekly time frame. However, the daily chart supports the beginning of a bullish reversal which could then continue in the weekly time frame.

Polkadot price analysis is bullish today after the price broke the $6.53 barrier to rising to $6.80 over the past 24 hours. The price levels have covered an upwards range, as the bullish momentum has proved to be quite steady.

Lisbon, Portugal This year, Web Summit 2022 presents a separate crypto track for blockchain enthusiasts to discuss trends and challenges in Web 3.0. Polkadot, along with major tech startups, influential web agencies and enterprises, will be there to dedicate their expertise and passion for facilitating the transition from Web 2.0 to Web 3.0.

Polkadot price analysis shows sideways price movement for the day as the price is recovering slowly. The price has been under the bearish shadow for the past few days, yet today a recovery in bullish momentum is being observed.

Polkadot (DOT) is in an upward correction as it breaks above the moving average lines. The cryptocurrency value rose above the moving average lines, but got stuck at the 50-day line SMA. The altcoin has been fluctuating between the moving average lines since October 25.

Investors continue to remain concerned about the security of the Polkadot ecosystem. Slowmist, a blockchain security firm, recently revealed that over $52 million in cryptocurrency was hacked in the Polkadot ecosystem in the third quarter of 2022.

Polkadot price analysis is showing signs of bearish activity, as the bears have returned back to the price charts. After spiking high earlier, the price went down during the last 24 hours, but the bulls also managed to escape the bearish pressure at some points.

Polkadot price analysis suggests sideways movement between $6.40 and $6.60 The closest support level lies at 6.45 DOT faces resistance at the $6.50 mark The Polkadot price analysis shows that the price action finds resistance at the $290.00 mark and has fallen back below the $6.50 mark as the bulls recuperate.