The United Kingdom is in focus following the
DOT/USDT
Polkadot (DOT) once again bounced off the critical support at $6 on Sept. 26, suggesting that bulls are defending this level aggressively. The price could jump to the 20-day EMA ($6.74) where the bears will try to stall the recovery.
If the price turns down from the 20-day EMA, it will increase the likelihood of a break below the support at $6. If that happens, the selling could pick up momentum and the DOT/USDT pair could resume the downtrend. The pair could then slide to $4.
If bulls want to prevent this fall, they will have to quickly push and sustain the price above the 20-day EMA. The pair could then rally to the overhead resistance zone between the 50-day SMA ($7.48) and $8. A break and close above the zone could open the doors for a possible rally to $9.17 and then $10.
MATIC/USDT
Polygon’s (MATIC) relief rally stalled near the 20-day EMA ($0.79) on Sept. 23, indicating that bears continue to sell on minor rallies. The price has dipped to the strong support at $0.72 where buyers are likely to step in to arrest the decline.
A strong bounce off the current level will suggest accumulation near $0.72. The bulls will then make another attempt to drive the price above the 20-day EMA. If they can pull it off, the MATIC/USDT pair could climb to the 50-day SMA ($0.84) and then to $0.94.
Instead, if the price turns down and breaks below the $0.72 to $0.69 support zone, it will indicate that the $0.72 to $1.05 range has resolved to the downside. That could pull the pair down to $0.62 and after that to $0.52.
SHIB/USDT
The bulls propelled Shiba Inu (SHIB) above the 20-day EMA ($0.000011) on Sept. 24 but the long wick on the candlestick shows that bears continue to sell at higher levels.
The bears will attempt to sink the price to the immediate support at $0.000010. This level has acted as strong support previously; hence, the bulls are likely to defend it with vigor.
Buyers will have to push the price above the moving averages to suggest that the selling pressure could be reducing. The SHIB/USDT pair could then rise to $0.000014 where the bears may again mount a strong resistance. If bulls overcome this barrier, the pair could rise to $0.000018.
On the downside, a break below $0.000010 could intensify selling and the pair could slide to the crucial support at $0.000007.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
