• Sun. Feb 25th, 2024

Polkadot Remains Bearish Reflecting Situation of Entire Cryptocurrency Market



May 23, 2022

It was on May 18, when Polkadot’s (DOT) trading value was not able to hold its ground. Instead, the price of Polkadot slipped and went below the $10.37 per DOT mark.

However, it was the right moment for the bulls to shine. That is when the bulls showed up and demonstrated their strong power of acquisition for Polkadot. On May 19, the bulls made the attempt and want to flip the situation to their side.

They wanted to form a rally strong enough to put Polkadot back on track. They reportedly increased their acquisition ambitions and carried on buying Polkadot. It was clear that the bulls were trying hard to push Polkadot to the $10.37 per DOT mark.

However, their mission was not just to push Polkadot to the particular price benchmark. Instead, they were attempting to cross the $10.37 per DOT mark, treating it as a resistance point.

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Polkadot Price May Dip to $5

Despite all the efforts the investors and the bulls make, Polkadot is still facing general factors that are pulling its price lower. The increased inflation rates, interest rates, economic pressure, regulatory pressure, and many more factors are enforcing a negative impact on DOT.

If the bulls fail to sustain the pressure from the bears at around $10.37, then the bulls will soon be defending Polkadot at a lower figure.

As per predictions, the trading price of Polkadot may come down to $9.22. From there, the bulls may have to resort to strong support defenses. The first strong defense the bulls will have to display would be at $8. Following the $8 strong support mark, the next strong support the bears may target and attempt to break through would be $7.30.

The bears may not end their selling spree at this point. As long as all the negative factors keep contributing, the trading prices of all major assets including Polkadot may continue dropping.

Similarly, Polkadot’s price may continue giving way to the bears and its price may continue moving downside. As per the recent analysis, the lowest price Polkadot is expected to hit is $5.

Polkadot’s $16 Reach Based on Bullish Trend

On the other hand, there are analysts who are sharing their predictions about the rebounding of Polkadot. If the bulls manage to form a rebound at the support level of $10.37 converting it to the resistance level, they may push Polkadot higher.

After crossing the particular benchmark, the bulls may attempt to hit $12 (20-day EMA). The bulls may attempt to dive more inside the resistance zone to achieve a high trading price of $14.30.

If a single negative factor vanishes or shifts to the bullish side, then Polkadot’s price may elevate to $16 (50-day SMA).


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