A strong competition reportedly took place between the Polkadot (DOT) buyers and sellers to push/pull its price in their direction. On one corner it was the bulls who tried their best to hit and cross the 50-day EMA for Polkadot ($19.27). Then there were the bears, who tried the exact opposite and wanted to bring the price of Polkadot below the 20-day EMA ($18.64).
Every time the bulls managed to hit the 50-day EMA mark, they tried sustaining it with a lot of dedication. Still, the bears did not let them run the trend, as they would increase their selling power to bring Polkadot lower to the 20-day EMA.
Whenever the price of Polkadot would come close to the 20-day EMA mark, the bulls wouldn’t let them dip Polkadot’s price lower than that. The bulls would demonstrate high gaining ability, which would result in pushing Polkadot back to the 50-day EMA.
Polkadot is now over $20 per DOT
Finally, after a long scuffle, the bulls have succeeded in pushing the price of Polkadot over the 50-day EMA. At the time of publication, Polkadot’s value is at $20.69 per DOT, and the bulls are trying hard to sustain it over the particular mark. Although the bears are exerting pressure from their end, the bulls have proven to be stronger against the bears.
A Strong Bullish Run is Brewing
Although the rally observed by Polkadot in the past 24-hours is 2.57%, the technical indicators suggest that a strong push is imminent. At present, the summary scale for Polkadot is at “buy” sentiment, suggesting 46.15% of investors are willing to buy DOT, while 15.38% want to sell it. The remaining percentage of the investors are neutral about the situation of Polkadot.
Even the RSI for Polkadot has traveled over line 62 in the past 24-hours, which is again, pointing towards a strong bullish trend. The ultimate oscillator for Polkadot is also at 59.24, which further confirms that the bullish trend may continue for a while.
Bullish and Bearish Movement by Polkadot
For now, the trend for Polkadot is mainly bullish, which means that the bulls would continue pushing it over to higher milestones. The first high mark the bulls may hit would be $23.51 per DOT.
The bulls may hit against with a strong acquisition power, and this time, they may try and hit the $32.65 per DOT mark.
Once the price of Polkadot crosses the $33 per DOT mark, the investors may gain more power, which may help them hit a high price of $37.02 per DOT.
On the other hand, if the bears manage to pull the price of Polkadot below the $20 price, then they may pull it down to $18.13 per DOT. The next low mark the bears may attempt to hit with their strong selling power would be $13.09 per DOT. If the bulls are unable to challenge the selling power of the bears, then Polkadot’s value may dip to $9.60 per DOT.