Polkadot Bulls Continue Demonstrating Their Buying Power Strongly Defending $6

For days, there is a fight taking place between the bulls and the bears to move Polkadot (DOT) in their favor. The bears have continued exerting strong selling pressure over the bulls in order to lower their confidence.

However, the bulls are not ready to give up easily as they have been fighting the bears at the lower levels to push DOT higher.

Ongoing Scuffle between both Sides

Given the current situation of the market, it is quite clear that it is the bears who are in stronger power and control compared to the bulls.

They have continued pressurizing the bulls, pushing them into a corner, and doing as they please. This is what allowed the bears to pull the trading price of DOT all the way to $6 on September 26.

However, the bulls have finally mustered up the strength to give the bears a tough time. They are buying DOT on a much faster scale than they did in the past.

The bulls have Bounced DOT off the $6 Mark

On September 26, the bulls demonstrated their strong buying sentiments and were able to bounce DOT off the $6 mark.

This way, the bulls were able to demonstrate their strength and also got to prove to the bears that they will aggressively defend the particular level.

At the time of writing, the trading price of DOT is at $6.70 and is close to hitting $6.74, which is the 20-day EMA.

Bears to Stall Recovery at $6.74

The data suggests that the 20-day EMA is the level where the bears are to show their selling power and stall the recovery of DOT. If the bears successfully nullify the recovery, then the trading price of DOT will start moving downwards.

This time, more momentum will be witnessed in the selling spree. This may end up breaking the strong defenses placed by the bulls at the $6 mark.

If the defenses are broken, then the trading price of DOT may start moving into the lower territories. If the bulls fail to rally in support of DOT, then the price of DOT may fall to $5.5.

As the bulls keep losing their confidence, the bears will continue gaining more momentum and may pull DOT to $4.

DOT’s Aggressive Recovery to $10

On the other hand, if the bulls are able to increase their momentum, they will manage to cross the $6.74 resistance level.

This would allow the bulls to push DOT’s price through the $7.00 barrier and bring it all the way up to the $7.48 level.

If the momentum keeps building, DOT will end up entering the high resistance zone and if the bulls remain persistent, they may succeed in hitting $10.