Polkadot holds above $16 but indicators say that lower prices might follow

Polkadot price analysis for March 11, 2022, comes on a bearish note for the token which is trading near the $17 price zone but hasn’t been able to reclaim that price level. It can be expected that we won’t see DOT above this region today and there is also a chance that investors might see DOT below $16. As noted in our DOT price analysis for March 10, 2022, the token is having a hard time as it is 69.49% low than its all-time high. 

The data from CoinMarketCap shows that the trading volume of Polkadot decreased by nearly 15.31% in the last 24 hours, followed by a rise of 3.97% in the market cap, which has dropped to a value of $16.5 billion at the time of writing. Meanwhile, the Volume / Market Cap has a value of 0.04375, while the Market Dominance of the token remains at 0.96%.

The daily candle for Polkadot opened at a price of $16.97 and reached a daily high of $17.02 which acted as resistance. Moreover, the daily low for the token stands at $16.69. Furthermore, the price of 1 DOT at the time of writing is $16.85. 

Polkadot price analysis for March 11 on the daily chart

Polkadot price analysis for March 11 on the daily chart will make use of 3 major indicators in the crypto space put on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and either can breakout. 

The RSI indicator shows a value of 43.54 which means bears are dominating and also, the gradient of the line is negative which means lower prices will follow. 

The price action is situated in the lower end of the Bollinger Bands which means that Polkadot might finally succumb to the bears.

Conclusion

Polkadot price analysis for March 11, 2022, concludes that $16 is an important support level but DOT might lose it in the coming days if the situation remains the same.