Polkadot makes third bearish daily candle: Retains 11th position

Polkadot price analysis for March 3 brings a bearish analysis for investors as the parachain-based platform has failed to break above the important price resistance of $20 and retain prices above $19. As noted in our Polkadot price analysis for March 2, 2022, the token is more than 66.55% low from its all-time high of $55.00 witnessed on November 4, 2021. 

The data from CoinMarketCap shows that the trading volume of the token has dropped nearly 25.18% in the last 24 hours, followed by a 1.45% rise in the market cap, which stands at $18.1 billion. Meanwhile, the Volume / Market Cap has a value of 0.06395, while the Market Dominance of the token has dropped to 0.95%. If the situation remains the same, DOT might lose the 11th position.

The daily candle for Polkadot opened at a price of $18.61 and reached a daily high of $18.67. Moreover, the daily low for the token stands at $18.04. It is also important to note that the price of 1 DOT at the time of writing is $18.29. The nearest support for the price action stands at $18, which for now remains unbroken.

Polkadot price analysis for March 3 on the daily chart

Polkadot price analysis for March 3 on the daily chart confirms that the token has turned bearish, but we will have a look at the readings from three major indicators.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line, which means that bulls are in charge as the MACD histogram is also bullish with green bars. 

The RSI reads a value of 47, which is below 50, which means that the bearish is in charge of the price action overall. The gradient for today is negative, and DOT might lose $18 as support. 

The price action broke above the middle zone of the Bollinger Bands, but the token has failed to retain prices above it, which means lower prices are possible. 

Conclusion

Polkadot price analysis for March 3 concludes on a bearish note as the token failed to retain prices above $19, and chances are, we might lose $18 too.