Polkadot drops out of top 10 cryptocurrencies, still a good buy?

Polkadot price analysis for Feb 11, 2022, confirms that the token has been bearish for the day and has dropped out of the top 10 cryptocurrencies in the market. Moreover, the token failed to break out of the $22 price resistance, as per our Polkadot price analysis for Feb 10, 2022. We first witnessed DOT drop out of the top 10 in our DOT price analysis for Feb 9.

The data from CoinMarketCap shows that the trading volume for DOT surged 51.92% in the last 24 hours, followed by a 7.59% surge in the market cap. The Volume / Market Cap Ratio currently stands at a value of 0.08127 with a Market Dominance of 1.03%. The chances of DOT reclaiming $22 are low as selling volume has surged. 

The Polkadot price analysis shows that the daily candle for DOT opened at a price of $20.5 and reached a daily high of $20.7. The daily stands at a price of $20.3, with the price of 1 DOT at the time of writing standing at $20.56. 

Polkadot price analysis on the daily chart

The chart below shows that the DOT token failed to break out from the upper end of the Bollinger Bands following a drop in bullish pressure.

Source: TradingView

The RSI line has once again entered the bearish region, while the gradient of the line indicates that the DOT price will remain sluggish for the coming days.

Source: TradingView

The MACD indicator on the chart below confirms that the MACD line (blue) continues to progress above the signal line (orange). This means that bulls are still not completely gone.

Source: TradingView

Conclusion

Polkadot price analysis for Feb 11, 2022, can be confirmed on a sluggish note for the token while the price support of $20 holds strong. Moreover, the nearest resistance of $22 remains unbroken, and it is possible that we might witness lower prices for DOT in the coming days. On the whole, the market has been sluggish since BTC was unable to push above $45K, as seen in our Bitcoin price analysis for Feb 11.