Polkadot falls 9% in 7 days: The best time to buy DOT has come?

Polkadot price analysis on the daily chart for Feb 17, 2022, confirms that the DOT token is moving on a bearish trajectory, but overall, the indicators show that there are chances that the token might recover in the near future. As seen in our Polkadot price analysis for Feb 16, 2022, the market dominance of the token fell below 1% while the market rank remains at 12, falling 2 positions this month. 

The data from CoinMarketCap shows that the trading volume of the token surged 2.38% in the last 24 hours, followed by a 1.09% drop in the market cap. Moreover, the Market Dominance remains at 0.98%, while the Volume / Market Cap Ratio currently stands at a value of 0.04474. 

The daily candle for Polkadot opened at a price of $19.77 and reached a daily high of $20. Meanwhile, the daily low for the token stands at $19.46. At the time of writing, the price of 1 DOT stands at $19.47. Moreover, the token is nearly 64.35% low from its all-time high witnessed on Nov 04, 2021. 

Polkadot price analysis on the daily chart

Polkadot price analysis for Feb 17, 2022, uses 3 major indicators which say that DOT is stuck below $20 resistance.

Source: TradingView

The MACD indicator shows that the MACD line (blue) is very close to the signal line (orange) and if the token moves further down, we might witness a bearish crossover, leading to lower prices. 

The RSI indicator shows that the gradient of the line is negative, which means that lower prices are possible in the near future. To confirm a bullish move, the token needs to break $20 and reclaim $22. 

The price action is situated in the middle zone of the Bollinger Bands, and if the token’s price surges, we might once again see DOT in the bullish zone. But, if the current support fails, DOT might move into the bearish zone. 

Conclusion

Polkadot price analysis for Feb 17, 2022, can be concluded on a bearish note as the token has failed to reclaim $20.