Just like other major cryptocurrencies, Polkadot (DOT) has also been looking at a downtrend. It has been a while since the bears have shown their prowess against the bulls. Surprisingly, the bears have been playing things out very smartly, as they are giving an impression to the bulls that they have the chance to turn DOT bullish.
However, whenever the bulls are going for gains at lower levels, the bears are coming back with strong selling power. This has continued affecting the price of Polkadot in a negative manner as the bulls are constantly finding themselves outnumbered against the bears.
The bears continued the same strategy on March 13, when they proceeded with selling Polkadot on a high level. Prior to the attempt made by the bears, the price of Polkadot was at $18 (50-day SMA).
The bears came in with high force, which resulted in pushing the price of Polkadot to a lower figure. However, the bulls only let the bears drag the price of Polkadot down to the $17 per DOT mark (20-day EMA).
The bulls haven’t let the bears run the show below this point and they have continued with their buying strategy keeping DOT over the 50-day SMA.
Current Trend of Polkadot
At the time of writing, the price of Polkadot is at $17.35 per DOT, which means that the bulls haven’t lost their competition against the bears. With their acquisition power, the bulls have managed to keep the price of DOT between the $17 and $19 range.
However, the current overall sentiments of the crypto market surrounding Polkadot are bearish. Out of every 26 investors, 16 investors are leaning with the “sell” sentiments, while they are opposed by only 2 investors with “buy” sentiments. The remaining (8) investors are going with neutral sentiments, which means they prefer not to take any action.
The oscillators for Polkadot are currently neutral while the moving averages are going with “strong sell” sentiments. As for the RSI for Polkadot, it is currently at 46.95, which means that the bulls may still manage to win against the bears.
Polkadot Price to Rise to $23 or Dip to $14
If the bulls are able to push DOT over the $18 per DOT mark, then they may get more support from the investors. The strong support from the investors may allow the bulls to push DOT over the $19 per DOT figure.
The bears may indeed try to push back to defend the $19 per DOT mark, but if the bulls prevail, they may continue pushing for higher gains. This would allow the bulls to push the price of DOT up to $23 per DOT mark.
On the contrary, the bears may attempt to push DOT below the $17 mark, and if they find success, then DOT’s price may dip to $16 per DOT. As more aggression is shown by the bears, the investors may start selling DOT, which may push it down to $14.