Polkadot price analysis: DOT could plummet past support if $16 barrier does not hold

• Polkadot price analysis shows bears in the waiting to test $16 support
• Price dropped as low as $16.59 over the day’s trade
• $DOT expected to drop towards $15 if support barrier breaks over 24 hours

Polkadot price analysis remains bearish today, as a decline of almost 2 percent took price further towards the $16 support. The $17 mark seems only a matter away from being breached as price reached a 24-hour low of $16.59. Bears remain in the driving seat since the February 28 high of $18.90 turned into a downtrend and price could reach as low as $15 over the next 24 hours if the support barrier does not hold. Over the day’s trade, $DOT trading volume fell a massive 24 percent with the number of transactions reducing by 10 percent due to the bearish trend.

The larger cryptocurrency market also remained bearish, as Bitcoin dropped down into the $38,000’s, while Ethereum declined 2 percent to sit at $2,600. Ripple, Cardano and Dogecoin dropped 2 percent each, while Solana and Terra receded 4 percent each to move down to $86.67 and $82.45, respectively. The only positive movement in the market was seen by the NEAR coin, upping 4 percent to reach $10.79.

Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: 24-hour chart shows declining market valuation

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen retesting the $16 support and making a swift decline back from yesterday’s recovery up to $17.62. The continuing downtrend is justified by the receding market valuation for $DOT, which can be observed with the dropping relative strength index (RSI) that went from 43.76 to 39.15 over the past 24 hours. The stability indicator sits at $16.2 and if price breaches this zone it will cause a further decline towards $15. The 24-hour 50-day exponential moving average (EMA) also sits above current price, while the simple moving average (SMA) 20 curve is below the SMA 20 curve, further outlining the bearish trend of the token.

Polkadot price analysis: 24-hour chart. Source: Trading View

The moving average convergence divergence (MACD) provides the only slightly bullish sight for $DOT, forming bullish lows and staying above the neutral crossover zone. However, price is expected to further test the $16 support over the next 24 hours for $DOT.