Polkadot down 10% in 7 days: A price crash for DOT might be near

Polkadot price analysis for March 8, 2022, confirms that the token continues its bearish stride with the prices dropping by more than 10% in the last 7 days, as per TheCoinRise’s findings. Moreover, the token dropped below the $17 price level to the nearest support just around the $16 price zone which currently holds, as noted in our DOT price analysis for March 7, 2022.

The data from CoinMarketCap shows that the trading volume of the Polkadot token has increased by nearly 13.83% in the last 24 hours, followed by a rise of 0.30% in the market cap, which has a value of $16.3 billion at the time of writing. Meanwhile, the Volume / Market Cap has a value of 0.05586, while the Market Dominance of the token has dropped to 0.95%.

The daily candle for Polkadot opened at a price of $16.41 and reached a daily high of $16.75. Moreover, the daily low for the token stands at $16.31. It is also important to note that the price of 1 DOT at the time of writing is $16.68. 

Polkadot price analysis for March 8 on the daily chart

Polkadot price analysis for March 8 on the daily chart predicts that the chances of DOT token breaking below $16 are very high as per the indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line is touching the signal line and chances of a bearish divergence are very high which would turn the histogram red. 

The RSI line has a value of 41.38 and the gradient of the line is positive which means that higher prices are possible in the near future. 

The price action for Polkadot has dropped to the lower end of the Bollinger Bands which means that lower prices are possible in the coming days.

Conclusion

The Polkadot price analysis for March 8, 2022, can be cleared on a bearish note for the token as the chances of DOT falling below $16 are high.