Polkadot prices fail to hold above $18: DOT eyes $20 resistance

Polkadot price analysis for Feb 28, 2022, comes with a bearish analysis for investors, but it is also a fact that investors should buy the DOT token as it has retraced nearly 68.30% from its all-time high. As seen in our DOT price analysis for Feb 25, 2022, the $20 price level has been an important resistance for the token, and to confirm an uptrend, the token needs to break above this region. 

The data from CoinMarketCap shows that the trading volume of the token has dropped about 1.31% in the last 24 hours, followed by a 1.76% drop in the market cap, which stands at $17.2 billion. Meanwhile, the Volume / Market Cap has a value of 0.07629, while the Market Dominance of the token has surged to 1.01%. 

The daily candle for Polkadot opened at a price of $17.50 and reached a daily high of $17.67. Moreover, the daily low for the token stands at $17.14. It is also important to note that the price of 1 DOT at the time of writing is $17.44. The nearest support for the price action stands at $17.

Polkadot price analysis for Feb 28 on the daily chart

Polkadot price analysis for Feb 28, 2022, can be confirmed on a bearish note for the token, but we will also be using three major indicators to predict the future price action of the token.

Source: TradingView

The RSI indicator has a value of 43.10, and the gradient of the line is negative, which means lower prices are possible. 

The MACD line is very close to the signal line, although the former is progressive above the latter. Bulls are taking the fight to the bears. 

The price action aims to retest the middle zone of the Bollinger Bands, and if successful, we might see Polkadot in the bullish region. 

Conclusion

Polkadot price analysis confirms that the $17 price level has been turned into support while $20 remains a strong resistance zone.