Polkadot retests $15: Indicators show that DOT might fall more

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Polkadot price analysis for Feb 24, 2022, brings bearish news for investors as the parachain token is retesting the important support of $15. The chances of the token dropping below this region are relatively high. As seen in our DOT price analysis for Feb 23, 2022, the token failed to break into the $20 price resistance. 

The data from CoinMarketCap shows that the trading volume of the token has surged 35.43% in the last 24 hours followed by an 8.32% drop in the market cap in the same duration. The price change for the last 24 hours is nearly 7.6%. It is also important to note that the Volume / Market Cap Ratio stands at a value of 0.09524 while the Market Dominance of the token has a value of 0.92%. 

The daily candle for Polkadot opened at a price of $15.97 and reached a daily high of $16.18. Moreover, the daily low for the token stands at a value of $14.68. Moreover, the price of 1 DOT at the time of writing is $14.92. 

Polkadot price analysis for Feb 24 on the daily chart

Polkadot price analysis for Feb 24 can be implemented using 3 major indicators which will help us predict the future price trajectory for the token.

Polkadot price analysis

Source: TradingView

The MACD indicator shows that the MACD line (blue) continues to progress below the signal line (orange) which means that the bears are in control. 

The RSI indicator shows a value of 29.20 which means that bearish pressure is quite high and the token will enter the oversold levels if the selling pressure remains. 

The price action is testing the lower zone of the Bollinger and the huge selling pressure suggests that Polkadot might break out of the lower end of the Bollinger Bands in the near future. 

Conclusion

Polkadot price analysis on the daily chart for Feb 24 is concluded on a bearish note as the chances of DOT below $15 are very high.

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