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There is a weak bullish momentum in Polkadot market
DOTUSD Price Analysis – 28 November
In case the support level of $5.0 does not hold, bears’ pressure may break down the support level of $5.0 and the $4.3 and $4.0 levels may be tested. Opposition from the buyers may reverse the Polkadot direction towards the resistance levels of $5.3, $5.6, and $6.0.
DOT/USD Market
Key levels:
Resistance levels $5.3, $5.6, $6.0
Support levels: $5.0, $4.3, $4.0
DOTUSD Long-term Trend: Bearish
DOTUSD is on the bearish movement on the long-term outlook. Sellers continue to hold unto the Polkadot market. The momentum of sellers remains strong and it is pushing down the coin to the low of $5.0. The pressure of the sellers may break down the just mentioned level if there is no opposition from the buyers.
The fast Moving Average (9-periods EMA) remains below the slow Moving Average (21-periods EMA) and the price is below the two EMAs as a sign of bearish movement. In case the support level of $5.0 does not hold, bears’ pressure may break down the support level of $5.0 and the $4.3 and $4.0 levels may be tested. Opposition from the buyers may reverse the price direction towards the resistance levels of $5.3, $5.6, and $6.0.
DOTUSD medium-term Trend: Bearish
DOTUSD is bearish on the 4-hour chart. The currency pair is currently ranging within the resistance level of $5.3 and $5.0 levels. The bulls’ momentum is weak and cannot break up the resistance level of $5.3. Likewise, the bears’ pressure is weak and the support level of $5.0 holds. The ranging movement continues until there is a breakout.
The 9-periods EMA is interlocked with the 21 periods EMA and the price is hovering below the two EMAs. The relative strength index period 14 is at 39 levels with the signal lines pointing downside to indicate a sell signal. Polkadot is trending low, Dash 2 Trade is trending higher.
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