Polkadot (DOT) Price: The Bear Vs. Bull Battle Continues – Who’ll Take The Beating?
13 Mai 2023 - 11:19AM
NEWSBTC
Since the beginning of this year, Polkadot has been on a roller
coaster ride as the general cryptocurrency market has fluctuated
over the past months. Related Reading: Will Listing Of Floki Inu On
Brazil’s Largest Exchange Boost Meme Coin’s Price? Recently, the
price of Polkadot (DOT) has experienced negative sentiment, causing
a slight decline in the coin’s value. The coin’s price slightly
decreased from $5.51 to $5.12 on May 9, 2023. However, it started
to gain further positive momentum the same day and recovered to
$5.3 today. Strong Bearish Momentum The price of DOT has been
trading sideways within the last 24 hours, indicating a bearish
trend. As a confirmation of the bearish momentum in the Polkadot
market, the 24-hour trading volume is down by 18%. The decline
indicates a decrease in demand for DOT in the market and might lead
to greater volatility as traders adjust their position based on the
market sentiment. Polkadot’s current market cap is estimated at
$6.1 billion, with a market dominance of 0.56%. But the
increase in selling pressure has impacted the price of Polkadot
significantly. Polkadot is in the phase where investors and traders
are afraid to buy or hold the coin. As investors take advantage of
the current dip in price to acquire more DOT, anticipate a modest
recovery in the coming week. Polkadot (DOT) Technical Analysis DOT
trades below its 200-day and 50-day Simple Moving Averages (SMA).
This indicates that DOT has a bearish momentum in both long-term
and short-term trends. The Relative Strength Index (RSI)
indicator shows that DOT currently reads 32.92. This indicates that
the coin is slightly in the oversold region. It also suggests that
DOT is experiencing some downward pressure. However, the asset may
rebound from its oversold condition and return to a normal trading
range. Related Reading: Ethereum Loses Grip On $1,800: Will The
Bulls Barge In To Save The Day? The MACD indicator also confirms
the bearish trend as its trading below the signal line. This
indicates that the bears have more pressure than the bulls. Recent
Development In Polkadot Ecosystem Meanwhile, the number one gaming
blockchain platform, Mythical Games, is departing from the Ethereum
network to launch its new Mythos ecosystem on Polkadot. The
recent development will allow Mythos gaming partners to build the
biggest and most connected gaming ecosystem in the Web3 industry.
The development will result in a new scalable platform, accessible
to all Mythos partners and compliant with Web2 gaming platforms,
including the Epic Games Store. This accessibility is a core
principle for Mythical as it continues to bridge the gap between
blockchain and traditional gaming. The Mythical Games founder
proclaimed that the decision to leave the Ethereum ecosystem was
due to the slow transaction speeds and other issues around the
network. This partnership will also benefit the Polkadot ecosystem
as Mythical has an advanced feature, streaming technologies, and
Web3 gaming expertise. It will also drive the massive adoption of
both Polkadot and Mythical. -Featured image from Pixabay and chart
from Tradingview.com
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