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Bulls may dominate the Polkadot market
DOTUSD Price Analysis – 06 December
In case the resistance level of $5.6 does not hold, bull pressure may break up the resistance level of $5.6, then, the $5.9 and $6.7 levels may be tested. When the sellers interrupt buyers, it may lead to a further decrease in Polkadot toward the support levels of $5.3, $5.0, and $4.7.
DOT/USD Market
Key levels:
Resistance levels $5.6, $5.9, $6.7
Support levels: $5.3, $5.0, $4.7
DOTUSD Long-term Trend: Bullish
On the long-term outlook, DOTUSD is on a bullish movement. The buyers could not push the coin above the resistance level of $7.6. Sellers gained more power to push down the coin from the high of $7.6. The price declined to the support at the $5.0 level. The mentioned level has been tested twice by the crypto. On November 29, the price bounced up and penetrated the resistance level of $5.3 and it is currently struggling to penetrate the $5.6 level.
The price is above the two EMAs as a sign of bullish movement. The fast Moving Average (9-periods EMA) is trying to cross the slow Moving Average (21-periods EMA) upside. In case the resistance level of $5.6 does not hold, bull pressure may break up the resistance level of $5.6, then, the $5.9 and $6.7 levels may be tested. When the sellers interrupt buyers, it may lead to a further decrease in price toward the support levels of $5.3, $5.0, and $4.7.
DOTUSD medium-term Trend: Bullish
DOTUSD is bullish on the 4-hour chart. The sellers’ momentum pushed the price to test the support level of $5.0 twice. The first test was on 22 November and the second test was on 28 November. Buyers are gaining more pressure and the price is increasing toward $5.9 resistance level. The price is currently pulling back as a normal phenomenon in a trending market.
The 9-periods EMA is crossing the 21-period EMA upside and the price is trading above the two EMAs. The relative strength index period 14 is at 45 levels with the signal lines pointing downside to indicate a sell signal. Polkadot is struggling to climb higher while IMPT is already at the top.
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