Polkadot Price Prediction for Today, October 31: DOT Commences a Bullish Trend targeting $6.7 Level

By October 31, 2022Polkadot
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Polkadot Price Prediction for Today, October 31: DOT Commences Bullish Trend targeting $6.7 Level

There is an increase in bullish momentum in Polkadot market

DOTUSD Price Analysis – October 31

Should bulls’ pressure increase, Polkadot will equally increase and the resistance level of $6.7 may be broken upside, above this mentioned level are $7.6 and $8.0 levels. On the other hand, an increase in the sellers’ momentum may push the price below $6.0 which may reduce it to $5.6 and $4.0 support levels.

DOT/USD Market

Key levels:

Resistance levels 6.7, 7.6, $8.0
Support levels: $6.0, $5.6, $4.0

DOTUSD Long-term Trend: Bullish

On the long-term outlook, DOTUSD is on the bullish movement. The momentum of sellers pushed down the coin to the low of $5.6 on 21 October. The pressure of the sellers seized and a strong daily bullish candle emerged. This send signal to the trader that buyers are ready to take over DOT market. The bulls are exerting their energy to break up $6.7 resistance level.

The fast Moving Average (9 periods EMA) is below the slow Moving Average (21 periods EMA) and the price is breaking the two EMAs as a sign of bullish movement. Should bulls’ pressure increase, the price will equally increase and the resistance level of $6.7 may be broken upside, above this mentioned level are $7.6 and $8.0 levels. On the other hand, an increase in the sellers’ momentum may push the price below $6.0 which may reduce it to $5.6 and $4.0 support levels.

DOTUSD medium-term Trend: Bullish

DOTUSD is bullish on the 4-hour chart. The currency pair was ranging within the resistance level of $6.7 and $6.6 levels. Today, the bulls are gaining more pressure and price is increasing to break up $6.7 level. If it is broken upside, price will be targeting $7.6 resistance level.

The 9 periods EMA has crossed the 21 periods EMA upside. The coin is trading above the two EMAs which indicate that bullish movement is ongoing in the Polkadot market. The relative strength index period 14 is at 64 levels with the signal lines pointing upside to indicate buy signal.

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