Polkadot remains below $23 as investors put their bet on $21 support

Polkadot price analysis for April 5, 2022, comes on a sluggish note for the token as chances of DOT breaking above the $23 price region seem low. It is important to note that in order to confirm an uptrend, DOT needs to reclaim $23 and consolidate above this price region. It is also a fact that DOT has been bullish, breaking through the $20 price region. However, as per our DOT price analysis for April 4, 2022, the chances of DOT making a move towards $25 seem quite high. 

The data from CoinMarketCap shows that the trading volume of Polkadot has surged by 8.06% in the last 24 hours, followed by a 0.45% drop in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.04905, while the Market Dominance of the token has dropped to 1.04%.

The daily candle for Polkadot opened at a price of $22.90 and reached a daily high of $23.10 which acted as resistance. Moreover, the daily low for the token stands at $22.81. It is also important to note that the price of 1 DOT at the time of writing is $22.91. 

Polkadot price analysis for April 5 on the daily chart

Polkadot price analysis for April 5 will take into account the data from the daily chart below which includes 3 of the major indicators on the chart below.

Source: TradingView

The RSI indicator reads a value above 63 which means that the bulls are currently in control of the price action and chances of a bullish surge seem likely. 

The MACD indicator shows that the MACD and the signal line are very close to each other as investors can witness a bearish divergence for Polkadot in the coming days.

The price action is situated in the upper end of the Bollinger Bands but chances of DOT retaining $22 seem high. 

Conclusion

Polkadot price analysis for April 5, 2022, ends on a slightly sluggish note for the token as chances of losing $22 are low but considerable.