Polkadot Price Analysis – November 19
The Polkadot price follows the bullish movement as the coin market benefits from increased buying pressure.
Resistance levels: $45, $47, $49
Support levels: $35, $33, $31
DOT/USD is trading near the resistance level of $45 after the coin touches the daily high of $42 during the European session today. The Polkadot (DOT) may continue to rise if the price crosses above the 9-day and 21-day moving averages. Meanwhile, Polkadot could end this week on a better note, as the price could touch the $45 resistance level. However, the current performance of the Polkadot is gradual and may inspire move bullish movement.
Polkadot Price Analysis: What Could be the Next Direction for Polkadot?
At the time of writing, the Polkadot is facing the upside as the coin moves within the bullish formation. However, the technical indicator Relative Strength Index (14) crosses above 40-level, there is likely for DOT/USD to locate the potential resistance at $45, $47, and $19 levels, but sliding below the lower boundary of the channel may hit the supports at $35, $33, and $31 respectively.
DOT/BTC Market: Polkadot May Begin Upward Movement
When compares with Bitcoin, DOT is seen crossing above the 9-day moving average as the coin witnesses a bullish movement today. However, the Polkadot bulls may create additional bullish movement if the coin can stay above the 21-day moving average which could provide an additional resistance level for the next buying pressure. To confirm this, the technical indicator Relative Strength Index (14) is likely to cross above 50-level.
Moreover, after touching the resistance level of 7284 SAT, DOT/BTC price retreats to where it is currently trading at 7173 SAT. Therefore, traders may likely experience a downward trend if the bulls failed to push the price upward. However, if the current market value can act as a solid line of defense against any further downtrend; the resistance level of 7500 SAT and above may come to play. On the contrary, if the coin crosses below the lower boundary of the channel, it could reach the support level of 6300 SAT and below.