Polkadot price analysis: DOT out of top 10, drops 5% in last 24 hours

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Polkadot price analysis for Jan 31, 2022, comes with a bearish prediction for investors. The token, which once reached an all-time high of $55.00 in early November, has dropped 68.15% from those levels. The hype surrounding the parachain auctions has suddenly died despite the fact that one of the winners of the slot, Aster Network, just raised $22 million in funding.

The data from CoinMarketCap shows that the token is off by nearly 2% in the last 7 days with a 7.46% rise in trading volume followed by a 5.47% fall in the market capitalization, leading to the fall of DOT from the top 10 biggest cryptocurrencies by market cap list. The current rank of DOT is #11. 

As the first month of the year ends, investors are questioning if Polkadot (DOT) has got any more gas left. The daily candle for DOT was initiated at a price of $18.15 and reached a daily high of $18.19. However, the surge in selling volume brought DOT right back at the daily low of $17.36. As a result, the next step for DOT, as per our Polkadot price analysis, will be to reclaim $18. 

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Polkadot price analysis on the daily chart

The Polkadot price analysis on the daily chart shows that the RSI line is moving towards oversold levels. DOT hasn’t been oversold for a long time, which means that now would be the right time to buy DOT.

Polkadot price analysis

Source: TradingView

The daily chart below represents the MACD indicator. The blue MACD line is very close to the orange signal line. If the former breaks above the latter, we will witness a bullish divergence, a bullish scenario that brings higher prices.

Polkadot price analysis

Source: TradingView

Conclusion

To conclude our Polkadot price analysis for Jan 31, 2022, TheCoinRise confirms that bears are prevailing today. However, it is to be noted that the projection on the blockchain is gaining popularity. Manta Network, DOT’s privacy layer, has finished new funding round, as per a previous report from TheCoinRise. Polkadot might be down but not out!

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