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There is strong bullish momentum in the Polkadot market
DOTUSD Price Analysis – 05 December
Should the resistance level of $5.9 not hold, bulls’ pressure may break up the resistance level of $5.9, then, the $6.7 and $7.6 levels may be tested. An interruption from the sellers may lead to a further decrease in Polkadot towards the support levels of $5.6, $5.3, and $5.0.
DOT/USD Market
Key levels:
Resistance levels $5.9, $6.7, $7.6
Support levels: $5.6, $5.3, $5.0
DOTUSD Long-term Trend: Bullish
DOTUSD is on a bullish movement on the long-term outlook. Sellers pushed down the coin from the high of $7.6. The price eventually found support at $5.0 level. The crypto has tested the level twice with strong bearish pressure. On November 29, the price bounced up and penetrated the resistance level of $5.3 and $5.6 levels. Polkadot is already exposed to the $5.9 level.
The fast Moving Average (9-periods EMA) is struggling to cross the slow Moving Average (21-periods EMA) upside and the price is above the two EMAs as a sign of bullish movement. Should the resistance level of $5.9 not hold, bulls’ pressure may break up the resistance level of $5.9, then, the $6.7 and $7.6 levels may be tested. An interruption from the sellers may lead to a further decrease in price towards the support levels of $5.6, $5.3, and $5.0.
DOTUSD medium-term Trend: Bullish
DOTUSD is bullish on the 4-hour chart. The sellers’ momentum looks weak when it reaches the support level of $5.0. It seems buyers are gaining more pressure and the price is increasing toward $5.9 resistance level. The price action has formed a double bottom chart pattern on the 4-hour time frame. Further price increase envisaged.
The 9-periods EMA has crossed the 21-period EMA upside and the price is trading above the two EMAs. The relative strength index period 14 is at 64 levels with the signal lines pointing upside to indicate a buy signal. Polkadot is slowly going up whereas IMPT is already at the high level in the market.
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