https://ift.tt/3fMmRfJ (DOTUSD) Price Penetrates $19 Support Level Downside, What Next? – Cryptovibes.com – Daily Cryptocurrency and FX News

DOTUSD Price Analysis – January 22

The price may continue the bearish movement provided the resistance level at $19 hold and it may reduce the price to $15, $10 and $06 price level. In case the bulls push the price above the resistance level of $19, then, $22 and $27 may be tested.

DOT/USD Market

Key levels:

Resistance levels: $19, $22, $27

Support levels: $15, $10, $06

DOTUSD Long-term Trend: Bearish

DOTUSD is under the control of bears’ pressure. The coin is bearish in the daily chart. The bearish momentum commences at the resistance level of $53 and this level was reached in November. The price action formed a Head and Shoulder chart pattern. The bears’ pressure broke down the support levels of $40, $32 and $22. The crypto is currently breaking down the support level of $18 and exposes to $15 support level.

The fast Moving Average (9 periods) has crossed 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 continue the bearish movement provided the resistance level at $19 hold and it may reduce the price to $15, $10 and $06 price level. In case the bulls push the price above the resistance level of $19, then, $22 and $27 may be tested.

DOTUSD medium-term Trend: Bearish

DOTUSD is bearish in the 4-hour chart. The bears prevailed over the bulls in the last ranging movement. The $22 support level was penetrated by the bears and price declined to support level at $19. The price consolidates for few hours. At the moment, it is pulling back to retest the previous broken level of $19.

The two EMAs are separated from each other and the currency pair is trading below the 9 periods EMA and 21 periods EMA which indicates that bears are dominating the Polkadot market. The relative strength index period 14 is at 30 levels and the signal lines pointing up to indicate buy signal which may be a pullback.