Polkadot once again below $18 with a 3% price crash

Polkadot price analysis for April 18, 2022, comes on a bearish note for the token as chances of losing the $17 price level also seem high if the bulls don’t take over soon. It is important to note that DOT was able to push higher but failed to maintain prices above $18 which caused the token to fall back below $17. On the other hand, the DOT price analysis for April 15, 2022, noted that the nearest price resistance for DOT was at $19 which remains unbroken in the short term.

The data from CoinMarketCap shows that the trading volume of Polkadot has risen by 9.72% in the last 24 hours, followed by a 3.52% drop in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.02702, while the Market Dominance of the token rests at 0.96%.

The daily candle for Polkadot opened at a price of $17.74 and reached a daily high of $17.98 which acted as resistance. Moreover, the daily low for the token stands at $17.67. It is also important to note that the price of 1 DOT at the time of writing is $17.89. 

Polkadot price analysis for April 18 on the daily chart

Polkadot price analysis for April 18 will take into account the data from the daily chart below which includes a few of the most important indicators in the crypto space.

Source: TradingView

The RSI indicator reads a value below 42 which means that overall, the bears are dominating and investors can expect lower prices. 

The MACD indicator shows that the MACD line is below the signal line which confirms that the bears might take prices to lower levels. 

Furthermore, the price action for Polkadot is situated in the lower end of the Bollinger Bands which confirms that a bearish breakout might follow. 

Conclusion

Polkadot price analysis for April 18, 2022, ends on a bearish note for the token as chances of losing $17 seem considerable.