Polkadot Price Prediction for Today, 16 November: DOT May Commence Bullish Movement

There is an increase in bullish momentum in Polkadot market

DOTUSD Price Analysis – 16 November

Should bears’ pressure increase, Polkadot will equally decrease and the support level of $5.8 may be broken downside, below this mentioned level is the $5.3 and $4.0 levels. On the other hand, an increase in the buyers’ momentum may push the price above $6.0 which may increase it to $6.7 and $7.6 resistance levels.

DOT/USD Market

Key levels:

Resistance levels $6.0, 6.7, 7.6
Support levels: $5.8, $5.3, $4.0

DOTUSD Long-term Trend: Bearish

On the long-term outlook, DOTUSD is on a bearish movement. The momentum of sellers pushed down the coin to the low of $5.8 on 13 October. The pressure of the sellers seized and a strong daily bullish candle emerged. This sends a signal to the trader that buyers are ready to take over the DOT market. The bulls exerted their energy on the coin and it increased toward the resistance level of $7.6. Sellers opposed the bullish movement on 08 November with the formation of the strong bearish candle and this made the price decline below the previous low at $5.3, It pulled back and commenced consolidation.

The fast Moving Average (9 periods EMA) is below the slow Moving Average (21 periods EMA) and the price is below the two EMAs as a sign of bearish movement. Should bears’ pressure increase, the price will equally decrease and the support level of $5.8 may be broken downside, below this mentioned level is $5.3 and $4.0 levels. On the other hand, an increase in the buyers’ momentum may push the price above $6.0 which may increase it to $6.7 and $7.6 resistance levels.

DOTUSD medium-term Trend: Bearish

DOTUSD is bearish on the 4-hour chart. The currency pair is currently ranging within the resistance level of $6.0 and $5.3 levels. The bulls’ momentum is weak and cannot break up the resistance level of $6.0. Likewise, the bears’ pressure is weak and the support level of $5.3 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 over the two EMAs.  The relative strength index period 14 is at 47 levels with the signal lines pointing downside to indicate sell signal.

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