Polkadot Price Analysis: DOT Token Broke Through The Key Support, The Upside Looks Limited

• Polkadot token price is at $15.50 with a 7.8% loss, on Thursday’s trading session
• The 24-hour trading volume in Polkadot is at $1,022 Billion
• The DOT/BTC pair was trading at 0.00047682 BTC with a loss of 1.5%

Daily technical chart of the Polkadot token price lacks momentum and is in a downtrend during the day. According to Fibonacci Bollinger Bands (FBB), DOT’s crucial support level is $11.0. On the other side, if it moves up, the necessary resistance level is at $23.68. Thus, while the intraday chart completes a bearish engulfing candlestick pattern, projecting prices may soon reverse to the downside with high reliability.

Supertrend (bearish) indicator issued a sell signal on May 19, intimating that the currency is down. In addition, investors may notice that the price is below the red Supertrend signal, so it will guarantee the downtrend of DOT until the price stays below the red Supertrend.

Volume of (8.86M) is beneath the MA of 20-days (14.56M). Buying pressure is average in Polkadot, making its price move towards the downside. Investors may also recognize descending volume bars in the chart, which indicates a big move is expected in upcoming trading sessions.

The CCI indicator gave a (bearish) signal with -15, projecting a sell signal in the coin. Investors may observe a slight declining slope from -25 to -15 in the index. It may plunge in future trading sessions.

If Polkadot Token (DOT) Stays Above $17.0, It Can Jump to $20.

The price of Polkadot token is $15.50, a loss of 7.8% in 24 hours and a weekly loss of 5.0%. In contrast, the market value is 15.721 billion US dollars. Technically, investors can notice that the price fell below the support and is trying to hold above $15.40. Therefore, the CCI indicator indicates a sell signal. However, on the token, trading volume is moderate. In addition, price movements may remain on the downside in future trading hours.

Resistance level: $23.68

Support level: $11.0