Polkadot ranked 12th in the market as trading volume jumpes by 50%

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The Polkadot price analysis for April 19, 2022, comes on a slightly bearish note for the token which has seen a price surge of about 1% in the last 24 hours. Furthermore, investors can see that the token is currently the 12th biggest cryptocurrency in the market which means that the chances of reaching new highs are certainly there but not in the short term it seems. On the other hand, our DOT price analysis for April 18, 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 48.15% in the last 24 hours, followed by a 1.02% surge in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.03949, while the Market Dominance of the token dropped to 0.95%.

The daily candle for Polkadot opened at a price of $18.16 and reached a daily high of $18.34 which acted as resistance. Moreover, the daily low for the token stands at $18.07. It is also important to note that the price of 1 DOT at the time of writing is $18.17. 

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Polkadot price analysis for April 19 on the daily chart

Polkadot price analysis for April 19 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 44 which means that the bears are in control of the price action while the gradient of the line suggests that lower prices are possible.

The MACD indicator shows that the MACD line is below the signal line which confirms that lower prices are possible for Polkadot.

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

Conclusion

Polkadot price analysis for April 19, 2022, ends on a slightly optimistic note for DOT with a high possibility of a bearish breakout if $18 doesn’t hold support.

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