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Polkadot (DOT) Price Analysis for October 22

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Sat, 22/10/2022 - 22:00
Polkadot (DOT) Price Analysis for October 22
Cover image via www.tradingview.com

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Bulls remain powerful, according to CoinMarketCap ranking.

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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.

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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.

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