Polkadot dumps below $19 as DOT fails to squeeze through the strong wall at $20

Polkadot price analysis for March 21, 2022, opens on a bullish note for the parachain platform-based token. It is important to note that TheCoinRise reported on our DOT price analysis for March 18, 2022, that the was rejected at $19. However, over the weekend, the token did push above $19 but failed to make it to the $20 price resistance. Moreover, there is major support at the $15-$16 price level.

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped by 7.98% in the last 24 hours, followed by a 2.93% decrease in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.04009, while the Market Dominance of the token has dropped to 1.00%.

The daily candle for Polkadot opened at a price of $18.66 and reached a daily high of $18.92 which acted as resistance. Moreover, the daily low for the token stands at $18.40. It is also important to note that the price of 1 DOT at the time of writing is $18.72. 

Polkadot price analysis for March 18 on the daily chart

Polkadot price analysis for March 21 will be concluded using the following 3 indicators on the daily chart.

Source: TradingView

The RSI indicator shows a value of 52.96 which means that the buyers are still in control of the DOT price action. The gradient of the line suggests that DOT will make another move towards $19 but we don’t think it’ll be successful.

Moreover, the MACD line and the signal line are very close to each other which means that soon a bearish divergence might be witnessed if Polkadot breaks below $17.

The price action for Polkadot is situated in the upper region but it is also retesting the middle zone of the Bands. This means that sooner than later, DOT might actually turn bearish.

Conclusion

The Polkadot price analysis for March 21, 2022, confirms that DOT might lose $18 as well as trading volume has declined.