Polkadot up more than 5% on the weekly candle: DOT set to re-enter top 10?

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Polkadot price analysis for March 15, 2022, confirms that the parachain-based platform has been not performing quite well in recent days as it is more than 65% low than its all-time high of $55 which was noted on Nov 04, 2021. However, when looking at the weekly chart, we can see that the DOT token is nearly 5% up this week with the nearest support at $17, as noted in our DOT price analysis for March 14.

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped nearly 12.04% in the last 24 hours, followed by another drop of 0.92% in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.03918, while the Market Dominance of the token has dropped below 1%.

The daily candle for Polkadot opened at a price of $17.70 and reached a daily high of $17.80 which acted as resistance. Moreover, the daily low for the token stands at $17.06. It is also important to note that the price of 1 DOT at the time of writing is $17.22. 

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Polkadot price analysis for March 15 on the daily chart

Polkadot price analysis for March 15 on the daily chart will be using the 3 major indicators in the crypto space which will help us trace out the entire price movement.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line although the two are very close to each other as chances of a bearish divergence seem to be quite high. 

The RSI indicator shows a value of 46.17 which is followed by a negative gradient of the RSI line. This confirms that lower prices will follow the price action today.

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The price action is situated in the lower end of the Bollinger Bands for Polkadot which means that soon, DOT might see a bearish outburst from the lower region.

Conclusion

Polkadot price analysis for March 15, 2022, concludes on a bearish note for DOT which has higher chances of losing $17 as support.

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