Polkadot having a hard time pushing through $18 resistance: Indicators say

Polkadot price analysis for March 10, 2022, opens on a sluggish note for the token as it has continuously failed to break above the $18 price resistance which is a critical point in the price trajectory of the token. Moreover, as noted in our DOT price analysis for March 9, 2022, the token reached as high as $18.09 but was unable to turn this resistance into a support level. 

The data from CoinMarketCap shows that the trading volume of the Polkadot token has declined by nearly 3.60% in the last 24 hours, followed by a rise of 0.56% in the market cap, which stands at a value of $17.2 billion at the time of writing. Meanwhile, the Volume / Market Cap has a value of 0.04962, while the Market Dominance of the token has dropped to 0.96%.

The daily candle for Polkadot opened at a price of $17.87 and reached a daily high of $17.93. Moreover, the daily low for the token stands at $17.41. Furthermore, another important thing to note is that the price of 1 DOT at the time of writing is $17.51. This means that the $17 price level is acting as critical support. 

Polkadot price analysis for March 10 on the daily chart

Polkadot price analysis for March 10 on the daily chart will take into account 3 major indicators on the daily chart that will help us predict the future price levels.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line which means that the bulls are in charge as the MACD histogram remains green. 

The RSI indicator has a value of 46.76 while the gradient of the line is slightly negative which means that lower prices will follow in the near future. 

The price action is situated in the middle zone of the Bollinger Bands and a breakout can be expected either way as the market remains uncertain. 

Conclusion

Polkadot price analysis for March 10 ends on a sluggish note for the token and it is critical that DOT holds support at $17.