Polkadot shoots up from $18.4 as bulls were rejected at $19

Polkadot price analysis for March 18, 2022, confirms that the DOT token has shot up from the $18.4 price level which prevented the fall of the token below $18. It is important to note that DOT price analysis for March 17, 2022, confirmed that DOT broke the $19 price resistance. However, the bulls were unable to retain prices above this level and as a result, the parachain platform’s token fell below $19.

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped by 35.54% in the last 24 hours, followed by a 1.90% decrease in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.03868, while the Market Dominance of the token has dropped to 1.01%.

The daily candle for Polkadot opened at a price of $18.75 and reached a daily high of $18.85 which acted as resistance. Moreover, the daily low for the token stands at $18.36. It is also important to note that the price of 1 DOT at the time of writing is $18.60. 

Polkadot price analysis for March 18 on the daily chart

Polkadot price analysis for March 18 will make use of 3 of the major indicators on the daily chart for the token as seen in the chart below.

Source: TradingView

The MACD indicator on the daily chart shows that the MACD line is progressing above the signal line which confirms that the chances of outburst are high.

Moreover, the RSI indicator for Polkadot on the daily chart confirms reading of 53.17 which means that the bulls are in control. Also, the gradient of the line is negative for today.

The price action failed to breakout from the upper end of the Bollinger Bands which confirms that bears are in control. A retest of the middle zone is possible in the near future.

Conclusion

Polkadot price analysis for March 18, 2022, confirms that DOT bulls might try hard to fight off the current bearish pressure.