Polkadot fails to break above $19 as market dominance jumps slightly

Polkadot price analysis for April 20 ends on a slightly bullish for the token with chances of a falling to $16 if $18 doesn’t hold support.
Polkadot price analysis for April 20 ends on a slightly bullish for the token with chances of a falling to $16 if $18 doesn’t hold support.

Polkadot price analysis for April 20, 2022, comes on a bullish note for the token with increased chances of holding $18 as a price support. On the other hand, DOT has faced resistance at the $19 price level which the token failed to break above due to low volume. As noted in our DOT price analysis for April 19, 2022, the token wasn’t able to push above the $19 as well. It seems that the volume is not enough to push above this price resistance. However, DOT is a good investment as per TheCoinRise.

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped by 17.60% in the last 24 hours, followed by a 2.89% surge in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.03158, while the Market Dominance of the token surged to 0.96%.

The daily candle for Polkadot opened at a price of $18.89 and reached a daily high of $18.91 which acted as resistance. Moreover, the daily low for the token stands at $18.57. It is also important to note that the price of 1 DOT at the time of writing is $18.66. 

Polkadot price analysis for April 20 on the daily chart

Polkadot price analysis for April 20 will take into account the data from the indicators integrated into the daily chart below.

Polkadot price analysis
Source: TradingView

The RSI indicator reads a value below 47 which means that the bears are in control of the price action while the gradient of the line suggests that a test of $18 is possible.

The MACD indicator shows that the MACD line is below the signal line but the two getting close and a bullish divergence might be seen in the near future.

The price action for Polkadot is situated in the lower end of the Bollinger Bands but now aims to retest the middle zone as well.

Conclusion

Polkadot price analysis for April 20, 2022, ends on a slightly bullish for the token with chances of a falling to $16 if $18 doesn’t hold support.

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