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The trading price of Polkadot (DOT) had been losing its worth against the bearish trend for a while. The bears kept pulling the price of the asset and there was nothing that the bulls were able to do to stop them.
However, the situation was about to change as the bulls were getting ready to launch their strong buying attack against the bears.
DOT is holding at $4.300
As mentioned earlier, the trading price of DOT had been declining for a while and the bears hoped they would continue with their selling spree.
However, the bulls were not going to let the bears pull the trading price of DOT any further. The bears had a strong hurdle to cross at $4.300, which is a strong support mark.
As the bears approached the particular level, the bulls increased their defenses. They started pushing back by constantly buying DOT. This resulted in a stalemate as neither of the sides was able to register a win.
Even now, the bulls are holding their ground against the strong selling power of the bears. From the looks of it, both sides are coming on a single page and may let DOT reside at this level for a while.
It seems that the $4.300 level is turning into a stable level for the token and it may stay here for a while.
General Market Sentiments
As the price of DOT is currently becoming stabilized, it is important to see what the general market sentiments are here. They will give a better picture as to where the price of DOT may shoot in near future.
The general market sentiments are bearish, which indicates that the trading price of DOT has a higher chance of moving in the bearish zone.
This means that despite the strong attempts and fight posed by the bulls, the bears may end up prevailing. They may drive the trend for DOT in their favor and the price of the asset may continue declining.
In the past 24-hours, the overall market valuation of the cryptocurrency industry has declined. The data shows that the overall valuation of the crypto-verse has dipped more than 1.5% in the past 24-hours.
When it comes to the major cryptocurrencies, each asset seems to have incurred price dips ranging from 4% to 7%.
The worst dips that the major currencies have incurred are by the Solana blockchain and the THORChain. The native tokens of both the networks; SOL and RUNE have faced over 6% dips in the past 24-hours.
DOT is Still Holding its Ground at $4.300
For now, the technical indicators are indicating a bearish trend for DOT. However, the MACD is giving a slight hint that the bearish trend may be fading.
If that is true, then the trading price of DOT may start moving higher in the upcoming days. Until then, the investors would prefer going with the negative sentiments and predictions.
If the bulls do want to launch a strong rally to push DOT’s price higher, they will need to ensure that they keep defending the support level.
They have to keep sustaining the pressure coming in from the bulls and wait for the bearish trend to fade away. It is obvious that the bears would want a breather as the bearish trend fades away.
This will act as an opening for the bulls where they will be able to push the trading price of DOT higher. They will be able to increase their buying power so they can push the price of DOT to higher levels.
DOT May Surge to $4.620
The RSI for DOT is currently at 32.16, which shows that it is coming closer to the oversold level. If that happens, then strong buying will trigger.
This would eventually help the bulls in pushing DOT’s price higher with all their might. However, it is to be kept in mind that the overall market situation is bearish.
Therefore, the bulls may not be able to push DOT’s price much higher. If the bulls try their best, they will be able to push DOT to a high of $4.62.