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Bears Defend $40 Resistance Level, Bears are Prevailing – Cryptovibes.com – Daily Cryptocurrency and FX News

Bears Defend $40 Resistance Level, Bears are Prevailing – Cryptovibes.com – Daily Cryptocurrency and FX News


DOTUSD Price Analysis – November 27

The price may break down the support level of $32 provided the bears increase their pressure; below it are $27 and $22 support levels. Should the $32 support level holds, the price may break up the resistance level at $40, further increase in the bulls’ pressure may push up the price to $47 and $53.

DOT/USD Market

Key levels:

Resistance levels: $40, $47, $53

Support levels: $32, $27, $22

 

DOTUSD Long-term Trend: Bearish

DOTUSD is bearish on the daily chart. The coin was increasing and hit the resistance level of $53. The level holds and it could not break it up. The bulls made attempts many times to break up the resistance level of $53 but unable because of the strong resistance level. The bears’ momentum increases to break down the support level of $47. On November 13, the bears broke down the $40 support level and tests support level of $32.

The fast Moving Average (9 periods) is below the slow Moving Average (21 periods EMA) and the price is trading below the two EMAs as a sign of bearish movement. The price may break down the support level of $32 provided the bears increase their pressure; below it are $27 and $22 support levels. Should the $32 support level holds, the price may break up the resistance level at $40, further increase in the bulls’ pressure may push up the price to $47 and $53. The relative strength index period 14 is pointing down at 40 levels to indicate a sell signal.

 DOTUSD medium-term Trend: Bearish

DOTUSD is bearish in the 4-hour chart for more than five days. The bulls lost their momentum when the price reaches the resistance level at $53; the price could not increase further. At the moment of writing this report, the bears are dominating Polkadot market and pushing down the coin to break down the support level of $40. The price is heading towards $32 price level.

The two EMAs are separated from each other and the currency pair is trading below the 21 periods EMA and 9 periods EMA which indicates that bears are prevailing in the Polkadot (DOT) market. The relative strength index period 14 is at 40 levels and the signal lines pointing up to indicate buy signal which may be a pullback.



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