Polkadot falls below $22 as bears aim to pull prices below $20

Polkadot price analysis for April 6, 2022, comes on a bullish note for the token as chances of the DOT token breaking above the $25 price resistance seem quite low. It is also important to note that DOT might retest the $20 price support in the coming days while the bulls attempt to retain prices above $21. The Polkadot price analysis for April 5, 2022, noted that the DOT token has been having a hard time in recent days as it lost the 11th position in the market. 

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped by 5.87% in the last 24 hours, followed by a 5.49% drop in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.04818, while the Market Dominance of the token has dropped to 1.02%.

The daily candle for Polkadot opened at a price of $21.78 and reached a daily high of $21.82 which acted as resistance. Moreover, the daily low for the token stands at $20.86. It is also important to note that the price of 1 DOT at the time of writing is $21.61. 

Polkadot price analysis for April 6 on the daily chart

Polkadot price analysis for April 6 will take into consideration the data from the daily chart below which consists of 3 major indicators on the daily chart.

Source: TradingViewThe MACD indicator and the RSI indicator are very close to each other as a bearish divergence is certainly possible for Polkadot in the coming days. 

The RSI indicator reads a value above 54 but the gradient of the line suggests that investors can expect lower prices in the coming days. 

The price action is testing the middle zone of the Bollinger Bands as Polkadot bulls might break into the bearish region in the coming days.

Conclusion

Polkadot price analysis for April 6, 2022, ends on a bearish note for the token as investors need to watch out for the $20 price region.