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

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. 

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.

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.