Polkadot price analysis: DOT out of the top 10 biggest cryptocurrencies’ list

Polkadot price analysis on the daily chart shows that the DOT token is gearing up once again to break the $22 price resistance. The token did break the resistance, as seen in our DOT price analysis for Feb 8, 2022, but was unable to retain these price levels for long.

The entire crypto market has been sluggish since Feb 9, 2022. The world’s biggest cryptocurrency, Bitcoin, remains stuck below the important resistance of $45K, as seen in our BTC price analysis for Feb 9, 2022. On the other hand, the nearest competitor for the token, Ethereum, has also been sluggish for the day, as witnessed in our ETH price analysis for 2022. It seems that Polkadot has been following a similar pattern.

The data from CoinMarketCap shows that the trading volume for Polkadot dropped around 31.14%, followed by a 0.85% drop in the market cap. It is also important to note that the Volume / Market Cap Ratio stands at 0.05217 while the Market Dominance of the token stands at 1.07%. The current rank of DOT in the crypto market stands at 11 and is not anymore a part of the top 10 cryptocurrencies by market cap.

Polkadot price analysis shows that the daily candle for DOT opened at $21.66 and reached a daily high of $21.87. Moreover, the daily low for the token stands at a price of $21.05.

Polkadot price analysis on the daily chart

Polkadot price analysis on the daily chart shows that the DOT token aims to break out of the upper end of the Bollinger Bands.

The chart below shows that the 50-day and 100-day MAs continue above the price action, which means that bulls are not in control for now as these lines are important resistances.

Conclusion

Polkadot price analysis shows that DOT is sluggish for today, and in order for DOT to break out of the downtrend, the token needs to make a move towards $30.