The native token of Polkadot has dropped significantly in the last few days. As the correction period in crypto market continues, the fate of DOT is in the hands its investors and traders.
Some predict that the DOT coin price will drop to $6 per coin based on current price movements.
Analysts believe that sellers are the better of the two. The 20-day exponential moving mean ($7.38) has been decreasing and the relative strength indicator (RSI), is still in the negative zone.
The key support for the DOT/USDT pair is at $6 if the bears lose their grip, and the price drops below $6.79.
Interestingly, Polkadot, (DOT), is up 1.3% in seven days as per CoinMarketCap data.
Polkadot Bulls Strive To Hold Their Ground
Market experts predict that bulls are likely to defend this area vigorously.
The market is steadily falling since it reached its peak earlier in the year. The current market data shows that the bulls were engaged in a hard fight.
Some of the top 100 coins have had a good week in the market, according to Coingecko’s most recent data.
This coin, DOT, has an outstanding seven-day performance at 3.4%. This is a significant moment in crypto’s recent market activity.
The coin’s 1-day price movement has been robust, but this may be a temporary reprieve for DOT. A recent analysis of coins has shown that the market remains bearish.
Polkadot Aims To Create New Support Line
Other price analysis indicates that a potential price bump may be a better selling point for investors than an indication that the market is recovering.
However, market data has changed and this could no longer be true. The $7.3 resistance area has been defended by DOT bulls.
Polkadot is trying to set a new support at $7.11.
It could be a frontal battle between bears and bulls. The recent price appreciation could indicate a stronger bullish position. But as doubt hovers on the horizon, the battle between bears and bulls persists.
The total market cap of the DOT is $8 billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured image taken from VOI.id and chart from TradingView.com