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Polkadot (DOT) Price Analysis: May 18

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Polkadot (DOT) Price Analysis: May 18
  • On May 18, the bullish DOT price analysis is at $12.45.
  • DOT’s bearish market price analysis for May 18, 2022, is $9.70.
  • Polkadot’s MA shows a downward trend.

In Polkadot (DOT) price analysis on May 18, 2022, we use price patterns, and Moving Average about DOT to analyze the future movement of the cryptocurrency. 

Polkadot (DOT)

DOT is the native cryptocurrency of Polkadot. A blockchain interoperability system protocol was established in 2016. A next-generation blockchain procedure, Polkadot connects an entire system of purpose-built blockchains. Moreover, allowing employees to work seamlessly together and at scale. The fact that Polkadot enables any information to be sent at all between the blockchain means allowing it to be applied to an incredible range of actual use scenarios.

Polkadot is a sharded blockchain, which means that it connects several chains in a single system, allowing them to conduct transactions in parallel and exchange data among chains while maintaining high levels of privacy and security.

Polkadot (DOT) Price Analysis

DOT price analysis on May 18 2022 is explained below within a four-hour time frame.

The triangle pattern is formed at its widest point. As the market continues to trade in a sideways pattern. The range of trading narrows and the point of the triangle is formed. Hence, there are three types of triangle patterns, the ascending triangle pattern,  the descending triangle pattern, and the symmetrical triangle pattern. The triangle pattern shows losing interest in an issue, from the buy-side and as well as sell-side. Furthermore, triangles provide analytical insights into current conditions and give indicators of types of conditions that may be forthcoming. A triangle pattern occurs when the up and down movements of an asset’s price are confined to a smaller and smaller area over time. Triangle patterns are aptly named because the upper and lower trendline ultimately meets at the apex on the right side, forming a corner.

Currently, the price of DOT is $10.44. If the pattern continues, the price of DOT might reach the resistance level of $12.45 and the buy level of $11.30. If the trend reverses, then the price of DOT may fall to $9.70 and the sell level of DOT is $10.50.

Polkadot (DOT) Moving Average

The DOT’s Moving Average (MA) is shown in the chart below. 

Currently, DOT is in a bearish state. Notably, the DOT price lies below 50 MA (short-term) and 200 MA (long-term). So it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of DOT at any time.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Axie Infinity’s Creator Sky Mavis Announced Plans To Reopen Ronin Bridge

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CoinFLEX Exchange Pauses Withdrawal Citing Extreme Market Conditions
  • Sky Mavis reported that the re-designed Ronin Bridge had passed an audit.
  • In April, the business received $150 million in further capital funding.

Axie Infinity’s creator, Sky Mavis, has announced plans to reopen the Ronin Bridge, which was hacked for $552 million in March. According to the most recent community update, the reopening of the Ronin Bridge, used by users to move assets between the Ronin chain and the Ethereum network, is scheduled for June 28th.

Certik Audit With Minor Changes Completed

According to the team, all node operators’ software will need to be updated as well since a hard fork is necessary for the bridge’s relaunch. In contrast, node operators who are not validators on the network will need to follow particular instructions provided by the developers to implement the system.

An estimated $552 million in Ethereum and USDC (at the time of the attack) was drained from the protocol by the Ronin bridge vulnerability at the end of March and was one of the biggest in the crypto industry.

Five of the network’s nine validator nodes, including four of Sky Mavis’ own validators, were apparently compromised by the attacker, who used stolen private keys to sign transactions. With minimal changes from Certik, Sky Mavis reported earlier this week that the re-designed Ronin Bridge had passed an audit.

Certik’s suggestions are being implemented, and the validator Governance Smart Contract will be deployed soon, Ronin stated on Tuesday. Sky Mavis has promised to either retrieve or repay the user monies that were taken as a result of the event. In April, the business received $150 million in further capital. Animoca Brands, Andreessen Horowitz, Paradigm, and others joined Binance in the fundraising effort.

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Axie Infinity (AXS) Price Prediction 2022— Will AXS Hit $200 Soon?

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FTX Reportedly Planning To Buy Stake in Crypto Lending Firm BlockFi

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FTX Reportedly Planning To Buy Stake in Crypto Lending Firm BlockFi