Polkadot (DOTUSD) Price Prediction: A Bullish Breakout at $6.7 Level Envisaged

Updated: 20 June 2023

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DOTUSD Price Analysis – October 14

Until there is a breakout either to the south or north in Polkadot market, ranging movement may continue. Above the current price are $6.7, $7.6 and $8.3 resistance level. Below the current price are barriers at $5.9, $4.0 and $3.0 support levels.

DOT/USD Market

Key levels:

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 movement in the long-term outlook. The resistance level of $6.7 holds and the bulls have not got enough pressure to break it up. Likewise, bears are yet to gather momentum enough to penetrate the support level of $5.9. This scenario make the crypto continue its ranging movement within the $6.7 and $5.9 levels. On October 13, sellers made an attempt to break down the $5.9 support level but bulls resisted the movement.

The fast Moving Average (9 periods EMA) is interlocked to the slow Moving Average (21 periods EMA) and the price is trading around the two EMAs as a sign of ranging movement. Until there is a breakout either to the south or north, ranging movement may continue. Above the current price are $6.7, $7.6 and $8.3 resistance level. Below the current price are barriers at $5.9, $4.0 and $3.0 support levels. The relative strength index period 14 is at 41 levels with the signal line pointing upside as an indication of bullish signal.

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DOTUSD medium-term Trend: Ranging

DOTUSD is ranging within the 4-hour chart. Ranging movement continues within the resistance level of $6.7 and support level of $5.9. Sellers’ pressure increased on October 13 and the support level of $5.9 is tested. Bulls’ pressure returned price in to the ranging mode.

The 9 periods EMA is interlocked with the 21 periods EMA and the coin is hovering over the two EMAs which indicate that consolidation is ongoing in the Polkadot market. The relative strength index period 14 is at 49 levels with the signal lines pointing upside to indicate buy signal.

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