Polkadot maintains strong support at $17 but fails to break $18

The Polkadot price analysis for April 13, 2022, ends on a bearish note for the token as the chances of losing $17 as a support are low.
The Polkadot price analysis for April 13, 2022, ends on a bearish note for the token as the chances of losing $17 as a support are low.

Polkadot price analysis for April 13, 2022, comes on a slightly bullish note for the token as the prices have shot up around 3.13% in the last 24 hours. Furthermore, the DOT price analysis for April 12, 2022, noted that the token had found important support at the $17 price region followed by strong resistance at the $18 price resistance. On the other hand, we can also confirm that the token is nearly 70% low than its all-time high. 

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped by 23.99% in the last 24 hours, followed by a 3.45% surge in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.04205, while the Market Dominance of the token surged to 0.94%.

The daily candle for Polkadot opened at a price of $17.77 and reached a daily high of $17.93 which acted as resistance. Moreover, the daily low for the token stands at $17.57. It is also important to note that the price of 1 DOT at the time of writing is $17.84. 

Polkadot price analysis for April 13 on the daily chart

Polkadot price analysis for April 13 will take into account the data from the daily chart below which has 3 major indicators placed on it.

Polkadot price analysis
Source: TradingView

The MACD indicator shows that the MACD line and the signal line are traveling apart from each other as the MACD histogram has also turned bearish. 

The RSI indicator reads a value below 40 which means that the chances of a bearish drop are high for now but the gradient of the line suggests that higher prices will follow today. 

The price action is situated in the lower end of the Bollinger Bands which means that a bearish breakout can be expected in the near future. 

Conclusion

The Polkadot price analysis for April 13, 2022, ends on a bearish note for the token as the chances of losing $17 as a support are low.

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