Polkadot loses $19: Loses 11th position in the crypto space

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Polkadot price analysis for April 11, 2022, ends on a bearish note for the token as the chances of losing the $18 price level are considerable. The indicators have also turned bearish for the DOT token as investors have started selling their tokens for profit. As noted in our DOT price analysis for April 8, 2022, the token had turned bearish and despite the bulls trying hard to hold prices above $20, the token failed to do so. Another important detail is that DOT is currently 50% low than the all-time high.

The data from CoinMarketCap shows that the trading volume of Polkadot has surged by 40.82% in the last 24 hours, followed by a 5.16% drop in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.03602, while the Market Dominance of the token dropped to 0.96%.

The daily candle for Polkadot opened at a price of $19.23 and reached a daily high of $19.29 which acted as resistance. Moreover, the daily low for the token stands at $18.74. It is also important to note that the price of 1 DOT at the time of writing is $18.89. 

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Polkadot price analysis for April 11 on the daily chart

Polkadot price analysis for April 11 will take into account the data from the indicators placed on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 42 which confirms that the token has turned bearish and the gradient of the line suggests that we can lower prices in the coming days. 

The MACD indicator suggests that the chances of the Polkadot remaining bullish seem quite low as the signal line remains above the MACD line and the histogram is also red. 

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The price action has dropped to the lower end of the Bollinger Bands and is now attempting to break out from the same.

Conclusion

Polkadot price analysis for April 11, 2022, confirms that the token might lose the $18 price level as well.

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