Polkadot back above $17: DOT needs to hold here

Polkadot price analysis for April 12, 2022, ends on a bearish note for the token as chances of losing $17 seem considerable.
Polkadot price analysis for April 12, 2022, ends on a bearish note for the token as chances of losing $17 seem considerable.

Polkadot price analysis for April 12, 2022, brings a bearish analysis for investors as the DOT token saw a sharp decline of over 8% in the last 24 hours followed by another drop in the market cap. It is also important to note that the token is 68.39% low from its all-time high and has also lost the 12th rank in the crypto space. The current rank of the DOT token is 13th. Furthermore, investors also noted in our Polkadot price analysis for April 11, 2022, that the token lost another important support of $19.

The data from CoinMarketCap shows that the trading volume of Polkadot has surged by 42.79% in the last 24 hours, followed by an 8.2% drop in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.05687, while the Market Dominance of the token dropped to 0.93%.

The daily candle for Polkadot opened at a price of $17.20 and reached a daily high of $17.51 which acted as resistance. Moreover, the daily low for the token stands at $17.17. It is also important to note that the price of 1 DOT at the time of writing is $17.4. 

Polkadot price analysis for April 12 on the daily chart

Polkadot price analysis for April 12 will consider the data from the indicators below which have been embedded onto the daily chart.

Polkadot price analysis
Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other as the MACD histogram is also bearish with red bars.

The RSI indicator reads a value below 37 which confirms that the Polkadot bears are currently in control of the price action.

The price action has confirmed a breakout from the lower end of the Bollinger Bands which means that investors can expect DOT to fall below $17.

Conclusion

Polkadot price analysis for April 12, 2022, ends on a bearish note for the token as chances of losing $17 seem considerable.

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