Polkadot (DOTUSD) Price Will Increase to $40 Provided $32 Level Does Not Hold

By September 11, 2021Polkadot
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DOTUSD Price Analysis – September 11

The price may continue the bullish movement provided the resistance level at $32 does not hold and it may increase to $40 and $47 price level. In case the bears oppose the bulls, the price may decrease to the support level of $27, $23 and $19.

DOT/USD Market

Key levels:

Resistance levels: $32, $40, $47

Support levels: $27, $23, $19

DOTUSD Long-term Trend: Bullish

DOTUSD is gathering momentum to further uptrend; in other words Polkadot is bullish in the daily chart. The coin has been soaring higher towards the resistance level of $27 ever since it bounced up from the support level of $10. It pulled back when it reached the just mentioned level. The buyers intensify their pressure and broke it up, the price increase to test the resistance level of $32 where there was a partial breakout before it pulled back to retest the $27 level. At the moment, the price is increasing to test the resistance level of $40.

DOTUSD Daily chart, September 11

The fast Moving Average (9 periods EMA) is above the slow Moving Average (21 periods EMA) and the price is trading above the two EMAs as a sign of bullish movement. The price may continue the bullish movement provided the resistance level at $32 does not hold and it may increase to $40 and $47 price level. In case the bears oppose the bulls, the price may decrease to the support level of $27, $23 and $19.

DOTUSD medium-term Trend: Bullish

DOTUSD is bullish in the 4-hour chart. The coin was declining last two weeks. Polkadot reaches the support level of $27 to form a double bottom chart pattern. The pattern formed is a bullish signal to the Polkadot market. The crypto may reach the resistance level of $40 provided the $32 level does not hold.

DOTUSD 4 hour chart, September 11

The 9 periods EMA is trying to cross the 21 periods EMA upside and the coin is trading above the two EMAs which indicates that bulls are getting ready to take over the Polkadot market. The relative strength index period 14 is at 60 levels and the signal lines pointing up to indicate buy signal.

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