Polkadot below $20 support, traders need to watch out for $17.5

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Polkadot price analysis on the chart below shows that the DOT token has dropped nearly 5% in the last 24 hours. It seems that Bitcoin’s inability to break through $45K, as seen in BTC price analysis for Feb 9, 2022, has caused the entire crypto market to turn bearish. The token received a lot of attention during the parachain auctions in the second half of 2021. 

The data from CoinMarketCap shows that the trading volume for DOT dropped 15.42% in the last 24 hours, followed by a 5.08% drop in the market cap. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04382 with a market dominance of 0.96%. 

The daily candle for DOT opened at a price of $18.74 and reached a daily high of $18.89. Moreover, the daily low for DOT stands at $18.02. At the time of writing, the price of 1 DOT stands at $18.30.

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Polkadot price analysis on the daily chart

Polkadot price analysis on the daily chart below shows that the price action has entered the lower end of the Bollinger Bands, which means that lower prices are possible. If the $17.5 price level doesn’t hold, we might see a break out from the lower end of the bands.

Source: TradingView

The MACD indicator shows that the MACD line (blue) aims to break below the signal line (orange), which would confirm a bearish divergence for the token. Lower prices will follow in such a scenario.

Source: TradingView

The RSI line currently reads 37.18 with a negative gradient. This means that selling pressure is high, and there is a huge possibility of DOT falling below $17.5.

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Source: TradingView

Conclusion

Polkadot price analysis for Feb 14 is concluded on a bearish note, and it can also be noted that there is a huge chance that DOT might remain bearish in the near future. The token dropped out of the top 10 cryptocurrencies in the market, as seen in the DOT price analysis for Feb 11, 2022.

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