Polkadot falls below $18: Indicators suggest that investors need more faith

Polkadot price analysis for March 4, 2022, confirms a bearish trajectory for the token as it has fallen below the important price level of $18. It is important to note that the next price region where DOT investors can enter is $16. The data from our DOT price analysis for March 3, 2022, confirms that the turned bearish after a failed attempt to break the $19 price region. Moreover, the token failed to maintain 11th position in the market and dropped to the 12th position. 

The data from CoinMarketCap shows that the trading volume of the token has dropped nearly 10.91% in the last 24 hours, followed by a 5.10% drop in the market cap, which stands at $17.1 billion. Meanwhile, the Volume / Market Cap has a value of 0.0612, while the Market Dominance of the token has dropped to 0.94%.

The daily candle for Polkadot opened at a price of $18.02 and reached a daily high of $18.06. Moreover, the daily low for the token stands at $17.11. It is also important to note that the price of 1 DOT at the time of writing is $17.26. The nearest support for the price action was $18, which failed to hold.

Polkadot price analysis for March 4 on the daily chart

Polkadot price analysis for March 4 on the daily chart confirms that the token has turned bearish, with a drop of 5.47% in the last 24 hours.

Source: TradingView

The MACD indicator shows that the MACD line remains above the signal line, which means that the bulls are still in control. 

The RSI line has a value of 42.49 which means that selling pressure is strong overall. Moreover, the gradient of the line is negative, which means that lower prices are possible today.

The price action is retesting the middle zone of the Bollinger Bands, and there are chances that Polkadot might break below into the bearish zone.

Conclusion

Our Polkadot price analysis for March 4, 2022, confirms that the token remains bearish after losing an important level of $18.