For the past few days, Dogecoin and Polkadot have been observing low figures like the rest of the major cryptocurrencies. No matter how many efforts the investors have made, they haven’t been able to lower the pressure created by the bears.
For almost a week, the investors had tried keeping Dogecoin’s (DOGE) price over the $0.15 figure. However, the recent plunge created by the bears clearly demonstrates that a bearish trend has been formed around DOGE. At present, DOGE’s price is exhibiting the $0.13 mark.
The investors seem to be selling on rallies created by the bulls and things do not seem to be working out for the bulls for now. This would create a plunge for DOGE, bringing its price down to $0.12.
For now, the bears are showing a lot of action in dipping DOGE’s price. They are selling DOGE with the aim of moving its RSI further into the negative zone. This would create a dip in the price of DOGE, bringing it down to $0.09.
If the selling pressure continues from the investors’ end, they will be able to plunge their price to $0.06 per DOGE.
On the other hand, the investors may attempt to launch a strong rally with their buying power. Their efforts would result in bringing up the price of DOGE to $0.16 per DOGE.
If the bears are unable to compete with the bulls in their buying effort, then the bulls will achieve a strong rally. This would help in catapulting the price of DOGE to $0.19. If things work out in favor of the bears, then the price of DOGE may grow up to $0.26.
As for Polkadot (DOT), the situation is almost similar to that of Dogecoin, where the bears are in power. From January 27, 2022, the bulls have struggled to keep their price over $18. So far, it seems that the bulls have sustained the stress from the bears.
However, if the bears press harder, then the bulls may start losing their power. The first attempt from the bears would be to push DOT’s price down to $15.95. The preference of the investors is supporting the “strong sell” sentiments. This would mean that the price of DOT may experience more plunge to $12.76. If the bears keep selling DOT, they would be able to push DOT’s price deeper to $9.44.
If the bears lose their fight against the bulls due to their high buying power, they may be able to push DOT’s price up to $21.71. This may trigger a strong buying rally in favor of DOT, bringing its price up to $27.36. If the bulls are able to sustain resistance from the bears in their buying efforts, they may be able to push DOT up to $36.94.