Will the bulls prevail in the Polkadot market?
DOTUSD Price Analysis – October 01
Polkadot may increase to $7.6 and $8.3 provided the resistance level at $6.7 does not hold. In case the bears increase their pressure, support level of $5.9 may be penetrated, then $4.0 and $3.0 level will be tested.
Resistance levels 6.7, 7.6, $8.3
Support levels: $5.9, $4.0, $3.0
DOTUSD Long-term Trend: Ranging
DOTUSD is on the ranging momentum; there is low bullish and low bearish momentum in Polkadot daily chart. The coin was bearish early last month and the sellers’ pressure push the price to the support level of $5.9. The sellers lose momentum and the price could not decrease further. The bulls’ momentum is also low and could not break up the resistance level of $6.7. Hence, price commence a ranging movement within $6.7 and $5.9 levels.
The fast Moving Average (9 periods EMA) is crossing the slow Moving Average (21 periods EMA) and the price is trading around the two EMAs as a sign of ranging movement. The price may continue in the ranging movement until there is a breakout. The price may increase to $7.6 and $8.3 provided the the resistance level at $6.7 does not hold. In case the bears increase their pressure, support level of $5.9 may be penetrated, then $4.0 and $3.0 level will be tested.
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DOTUSD medium-term Trend: Ranging
DOTUSD is ranging in the 4-hour chart. The coin was decreasing last two weeks. Polkadot reaches the support level of $5.9. The price could not break down the just mentioned level as sellers lose momentum. The price is currently moving within $6.7 and $5.9 levels.
The 9 periods EMA is crossing the 21 periods EMA downside and the coin is trading above and below the two EMAs which indicates that consolidation is ongoing in the Polkadot market. The relative strength index period 14 is at 43 levels and the signal lines pointing down to indicate sell signal.
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