Polkadot price analysis for Feb 16, 2022, confirms that the parachain-based platform has seen a bearish movement in the last few days. As seen in our DOT price analysis for Feb 15, 2022, DOT dropped to the 12th position in the market, following a minute surge in prices. On the other hand, the token is 63.80% low from its all-time high.
The data from CoinMarketCap shows that the trading volume of the DOT token dropped 1.42% in the past 24 hours, followed by a 1.41% surge in the market cap. Moreover, the Market Dominance of the token rests at 0.98%, while the Volume / Market Cap Ratio stands at a value of 0.04346.
The daily candle of the token was initiated at a price of $20.17 and reached a daily high of $20.18. Moreover, the daily low of the token stands at $19.41. The price of 1 DOT at the time of writing is $19.80. It is also important to note that Polkadot is currently 639.36%, up from the all-time high. The circulating supply of the token is 987,579,315 DOT, with a total supply of 1,103,303,471.
Polkadot price analysis on the daily chart
The Polkadot price analysis on the daily chart below shows that the bulls are testing the middle zone of the Bollinger Bands, and if successful, DOT might reclaim $22.
The MACD indicator on the chart below shows that the MACD line (blue) continues to progress above the signal line (orange) while the MACD histogram is bullish overall.
The RSI line is in the bearish zone as selling pressure is defeating the buying pressure. Moreover, the gradient of the line is slightly negative, which means that DOT is sluggish at the moment.
Conclusion
Polkadot price analysis on the daily chart for Feb 16, 2022, can be confirmed on a bullish note in the longer run. However, for today, the token has been following a bearish trajectory while $22 remains a strong resistance for the token.
