Polkadot once again drops to 12th position: Prices remains below $17

Polkadot price analysis for March 7, 2022, confirms that the token has turned bearish and dropped below the $17 price level. The token has also been pushed out of the 11th position in the crypto market and is now in the 12th position in the market. It is also important to note that the token lost the support of $18 as per our DOT price analysis for March 4, 2022.

The data from CoinMarketCap shows that the trading volume of the token has shot up by nearly 17.91% in the last 24 hours, followed by a 3.82% drop in the market cap, which stands at $16.2 billion. Meanwhile, the Volume / Market Cap has a value of 0.05032, while the Market Dominance of the token has surged 0.96%.

The daily candle for Polkadot opened at a price of $16.99 and reached a daily high of $17. Moreover, the daily low for the token stands at $16.30. It is also important to note that the price of 1 DOT at the time of writing is $16.38. The nearest support for the price action now stands at a price of $16.

Polkadot price analysis for March 7 on the daily chart

Polkadot price analysis for March 7 on the daily chart predicts a bearish trajectory for the parachains platform in the coming days.

Source: TradingView

The MACD indicator shows that the signal line is very close to the MACD line, and the chances of a bearish divergence are very high. 

The RSI line has a value of 39.41 which means that bears are in control. Moreover, the gradient of the RSI line is negative, which means lower prices are possible in the near future. 

The price action is situated in the lower end of the Bollinger Bands, which means that a bearish breakout is possible. 

Conclusion

Polkadot price analysis for March 7, 2022, can be concluded on a bearish note for the token as chances of losing $16 are high.