Polkadot back to $22 price zone as $25 remains a major hurdle for bulls

Cryptocurrency Price analysis and Prediction

April 04, 2022

Cryptocurrency Price analysis and Prediction

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Polkadot price analysis for April 4th, 2022, begins on a slightly bullish note for the token as chances of losing $22 seem quite low because it has turned into a support zone for the token. TheCoinRise also noted in our DOT price analysis for April 1, 2022, that the nearest major price support for the token rests at $20 which currently remains unbreached. Furthermore, the token is more than 58% low than its all-time high witnessed at a price of 55 USD in late 2021.

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped by 32.71% in the last 24 hours, followed by a 0.14% rise in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.04522, while the Market Dominance of the token has surged to 1.05%.

The daily candle for Polkadot opened at a price of $23.21 and reached a daily high of $23.23 which acted as resistance. Moreover, the daily low for the token stands at $22.71. It is also important to note that the price of 1 DOT at the time of writing is $22.77.

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Polkadot price analysis for April 4 on the daily chart

Polkadot price analysis for April 4 will take into account the readings from 3 of the major indicators on the daily chart below.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other as chances of a bearish divergence are getting high. Moreover, we also noted that the MACD histogram is losing intensity.

The RSI indicator is forming higher highs however, the gradient of the line for today suggests that we might see lower prices. The selling pressure is increasing as investors aim to make profits.