Polkadot below to 13th position: DOT downtrend might continue

Polkadot price analysis for Feb 21, 2022, confirms a bearish analysis for the token which has seen a huge decrease in prices since the all-time high witnessed on Nov 04, 2021 at $55. Furthermore, the market rank of the token has dropped to 13th. We saw DOT drop out of the top 10 to the 12th position on our DOT price analysis for Feb 15th.

The data from CoinMarketCap shows that the trading volume of the token surged 64.82% in the last 24 hours followed by a 1.37% drop in the market cap. It is also important to note that the Market Dominance of the token rests at 0.97% while the Volume / Market Cap Ratio stands at a value of 0.0556.

The daily candle for Polkadot opened at a price of $16.91 and reached a daily high of 17.51. Furthermore, the daily low for the token stands at a price of $16.81. Moreover, the price of 1 DOT at the time of writing stands at $17.44.

Polkadot price analysis for Feb 21 on the daily chart

The Polkadot price analysis for Feb 21 will be implemented using 3 major indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line (blue) is now below the signal line (orange) which confirms a bearish divergence, hinting that the prices for DOT might drop further. Also, the MAD histogram is bearish.

The RSI indicator shows a spike in gradient for today but the token remains in the bearish region. The RIS reads 37.75 and aims to retest the 50-level mark. Furthermore, there is a chance of a small surge in prices today.

The price action has reached the lower end of the Bollinger Bands which means that prices might break out of the lower end of the Bands if selling pressure continues to surge.

Conclusion

The Polkadot price analysis for Feb 21, 2022, can be confirmed on a bearish note for the parachains project as the token has failed to reclaim the important price levels of $20 and $22.