Polkadot reclaims 12th position in the market with a 3% price surge

Polkadot price analysis for April 12, 2022, comes on a bearish note for the DOT token as chances of breaking above the $20 price resistance seem low for now. The token did successfully break above the $18 price region and has maintained support at $17 for now. Investors can also expect DOT to make a move towards previous support above $21 but the bullish volume seem quite low for that. As per our DOT price analysis for April 13, 2022, the token has strong support around the $16-$17 region. 

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped by 12.48% in the last 24 hours, followed by a 3.05% surge in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.03582, while the Market Dominance of the token surged to 0.96%.

The daily candle for Polkadot opened at a price of $18.20 and reached a daily high of $18.48 which acted as resistance. Moreover, the daily low for the token stands at $18.12. It is also important to note that the price of 1 DOT at the time of writing is $18.39. 

Polkadot price analysis for April 14 on the daily chart

Polkadot price analysis for April 14 will consider the data from the daily chart below which has 3 major indicators integrated into it.

Source: TradingView

The RSI indicator shows a value above 42 which means that bears are overall still in control of the price action as chances of losing $18 once again seem high. 

Furthermore, the MACD line remains below the signal line which means that the bears might push the price of Polkadot into a bearish downtrend. 

The price action is currently resting in the lower end of the Bollinger Bands hinting at increased possibilities of a bearish breakout.

Conclusion

Polkadot price analysis for April 14, 2022, ends on a bearish note as chances of losing the $18 price level in the near future seem high for the DOT token.