Polkadot (DOTUSD) Price: Will There Be a Bullish Breakout at $6.7 Level?

Low momentum in DOT market

DOTUSD Price Analysis – October 05

A breakout at the resistance level of $6.7 may drive the price towards the resistance level of $7.6 and $8.3. However, an increase in the bears’ momentum may push Polkadot below $5.9 which may reduce it to $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

On the long-term outlook, DOTUSD is on the ranging movement. That is to say the momentum of buyers is equal to the momentum of sellers. The price is moving within the boundary of $6.7 resistance level and $5.9 support level. This scenario started when the sellers pushed the price to the $5.9 level and lose the momentum. Buyers equally have low pressure that cannot push the price above the $6.7 level.

The fast Moving Average (9 periods EMA) is trying to cross the slow Moving Average (21 periods EMA) and the price is trading around the two EMAs as a sign of ranging movement. The crypto may continue in the zig-zag movement until there is a breakout. A breakout at the resistance level of $6.7 may drive the price towards the resistance level of $7.6 and $8.3. However, an increase in the bears’ momentum may push the price below $5.9 which may reduce it to $4.0 and $3.0 support levels.

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DOTUSD medium-term Trend: Ranging

DOTUSD is ranging within the 4-hour chart. Sellers’ pressure has reduced the price to the low of $5.9. The just mentioned level was defended by the bulls and the price retested the resistance level of $6.7. The sellers equally defended the mentioned resistance level. This is what led to ranging movement within $6.7 and $5.9 levels.

The 9 periods EMA is interlocked with the 21 periods EMA 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 52 levels with the signal lines pointing upside to indicate buy signal.

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