Main navigation

Polkadot (DOT) Price Analysis for October 22

Sat, 10/22/2022 - 22:00
article image
Denys Serhiichuk
Can Polkadot (DOT) rise as fast as other coins?
Polkadot (DOT) Price Analysis for October 22
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Bulls remain powerful, according to CoinMarketCap ranking.

Top 10 coins by CoinMarketCap

DOT/USD

The Polkadot (DOT) rate has almost not changed since yesterday and has only grown by 0.46%.

DOT/USD chart by Trading View

On the local time frame, Polkadot (DOT) has formed a resistance level at $5.86. If growth continues, there is a possibility to see a test of the $5.90 mark.

DOT/USD chart by Trading View

On the daily chart, DOT has not accumulated enough power for a rise, which is confirmed by the low volume.

Related
Cardano (ADA) Price Analysis for October 21

However, buyers might seize the initiative in the following weeks if the rate can be fixed above the vital $6 zone.

DOT/USD chart by TradingView

From the midterm point of view, the situation is different, as bears' influence remains relevant. If the fall continues below the $5.68 mark, traders can expect a sharp drop to the $5 zone shortly.

DOT is trading at $5.85 at press time.

article image
About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.