The native token of Polkadot has dropped significantly in the last few days. The fate of DOT rests in the hands of its traders and investors as the correction period in crypto markets drags on.
Based on recent price actions, some are predicting that DOT coin prices will fall to the $6 per coin support level.
Some analysts believe sellers have the upper hand as the 20-day exponential moving average ($7.38) is curving down and the relative strength index (RSI) is 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, as of this writing, Polkadot (DOT) is trading at $7.11, up 1.3% in the last seven days, data from CoinMarketCap show.
Polkadot Bulls Try To Stand Their Ground
It is expected that the bulls will defend this territory vigorously, according to market experts.
After reaching its apex earlier this year, the market has been steadily declining ever since. However, current market data suggests that the bulls have been engaged in a grueling struggle.
Some of the top 100 coins have had a good week in the market, according to Coingecko’s most recent data.
DOT is one of these coins with an excellent seven-day performance of 3.4%. This has been a pivotal moment in the recent market activity of the crypto.
The coin’s 1-day price movement has been robust, but this may be a temporary reprieve for DOT. Recent coin analysis has demonstrated that the market is currently 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.
With updated market data, however, this may no longer be the case. DOT bulls have maintained a tenacious defense near the $7.3 resistance zone.
Since the price broke through the lower range of resistance at $7.11, Polkadot has maintained its position and is attempting to establish a new support line at $7.11.
This could become a battlefront for bulls and bears. Recent price appreciation may indicate a strengthening bullish position. But as doubt hovers on the horizon, the battle between bears and bulls persists.
DOT total market cap at $8 billion on the daily chart | Source: Featured image from VOI.id, chart from TradingView.com