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Polkadot (DOTUSD) Price Is struggling to Break Up $27 Resistance Level

DOTUSD Price Analysis – June 10

Polkadot may break above the resistance level of $27 provided the bulls increase their pressure; above it are $33 and $40 resistance levels. Should the $27 resistance level holds, the price may break down the support level at $22, further increase in the bears’ pressure may push down the price to $19 and $15.

DOT/USD Market

Key levels:

Resistance levels: $27, $32, $40

Support levels: $22, $19, $15

 

DOTUSD Long-term Trend: Bearish

DOTUSD is bearish on the daily chart. The coin was range-bound within the resistance level of $27 and support level of $19 since last two weeks. The bulls made attempts many times to break up the resistance level of $27 but unable because of the strong resistance level. The bears’ momentum was not enough to break down the support level of $22. Ranging movement may continue until there is a breakout at $27 or $22 levels.

DOTUSD Daily chart, June 10

The fast Moving Average (9 periods) remains below the slow Moving Average (21 periods EMA) and the price is trading below and in between the two EMAs as a sign of ranging movement. Polkadot may break above the resistance level of $27 provided the bulls increase their pressure; above it are $33 and $40 resistance levels. Should the $27 resistance level holds, the price may break down the support level at $22, further increase in the bears’ pressure may push down the price to $19 and $15. The relative strength index period 14 is pointing down around 40 levels to indicate a sell signal.

 DOTUSD medium-term Trend: Ranging

DOTUSD is ranging in the 4-hour chart for more than two weeks. The ranging movement is between the $27 resistance level and $22 support level. The bulls lost their momentum when the price reaches the resistance level at $27; the price could not increase further. At the moment of writing this report, the bears are gaining more momentum and pushing down the coin to break the support level of $22.

DOTUSD 4 hours chart, June 10

The two EMAs are interlocked to each other and the currency pair is trading below and above the 21 periods EMA and 9 periods EMA which indicates that ranging movement is in progress. The relative strength index period 14 is at 50 levels and the signal lines pointing down to indicate sell signal.

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