In the past 7-days, Polkadot’s (DOT) price hasn’t been able to make much progress as it only managed to grow 0.12% in the past 7-days. Unfortunately, for the bulls, the past 24-hours have been nothing but disappointment as DOT’s price has dipped 3.45%. Due to the plummet, DOT’s price is now exhibiting $27.30.
For now, the situation seems to be going in the favor of the bears as they will be able to pull their price lower. The bulls at the moment, are faced with a difficult situation because they will need to apply more buying force in order to win against the bears.
The data surrounding DOT suggests that in the upcoming days, the bears may increase selling pressure to pull its price lower. As of now, the “sell:neutral:buy” ration scale shows that 15 bears may rally against 2 bulls to increase their selling pressure. From the same figure, there are 9 investors that are neutral about the current situation of DOT.
Still, the general sentiments of the investors are in the bearish zone, which means that bears will be able to trigger a higher selling spree than bulls.
The price analysis suggests that the bears may intensify selling pressure in order to bring it lower to the $20 per DOT figure. The bulls are expected to counter the selling pressure with their buying pressure in order to keep it over the $20 mark.
If the bears succeed, then they will be able to pull DOT below the $17.93 per DOT price. Doing so would help the bears create another selling spree, which would help them bring its price even lower.
This would help the bears launch another sale for DOT and bring its price below the $17.93 per DOT mark. Although the situation is in favor of the bears, the New Year factor may help bulls launch a strong resistance against bears.
Then it is the other side of the plunge that the bulls are aiming to go for. The data suggests that in the upcoming days, the bulls may try to push DOT higher than the current figure.
They may increase their buying power to bring it all the way up to $31.01 per DOT. This would help in increasing the sentiments of the investors towards the bullish zone. If the bulls are able to continue with their buying activity, then they may succeed in pushing its price higher.
From the $31.01 per DOT mark, the bulls may eye $34.6 per DOT figure. If they are slowly able to build a rally, bringing its price all the way up to $34.6, they may be able to launch a strong rally to bring it all the way up to $39.37.