Polkadot failed to break above $19, but $17 support holds strong

Polkadot price analysis for March 14, 2022, confirms that the token failed to make a move above the $19 price level and as a result, fell to the nearest support at the price of $17 which currently holds. The current position of the DOT token is 12th in the crypto market. Moreover, the chances of DOT reclaiming $20 in the near future seem quite low. Our previous DOT price analysis from March 11 confirms that $16 is also an important price level for DOT.

The data from CoinMarketCap shows that the trading volume of Polkadot has tanked by nearly 24% in the last 24 hours, followed by a rise of 5.07% in the market cap, which stands at a valuation of $17 billion at the time of writing. Meanwhile, the Volume / Market Cap has a value of 0.04227, while the Market Dominance of the token has surged to 1%.

The daily candle for Polkadot opened at a price of $17.22 and reached a daily high of $17.38 which acted as resistance. Moreover, the daily low for the token stands at $17. It is also important to note that the price of 1 DOT at the time of writing is $17.37. 

Polkadot price analysis for March 14 on the daily chart

Polkadot price analysis for March 14 on the daily chart predicts a bearish trajectory for the parachain token based on the readings from 3 major indicators.

Source: TradingView

The MACD indicator shows a bullish scenario as the MACD line remains above the signal line. But the chances of a bearish divergence are high.

The RSI reads a value of 46.8 which means that bears are in control and the gradient of the line indicates a sluggish future for Polkadot.

The price action has entered the bearish zone of the Bollinger Bands and chances are that we might see a bearish breakout.

Conclusion

The Polkadot price analysis for March 14, 2022, confirms that the critical zone of $17 has been retained as support and prices must stay above it.