Polkadot price analysis for March 1 confirms that the token has turned bullish following a huge surge in buying pressure in the last 24 hours. As noted in our DOT price analysis for February 28, the major resistance for the token stands at $20, which remains unbroken. Another important fact to note is that $25 is also a strong resistance.
The data from CoinMarketCap shows that the trading volume of the token has surged about 32.84% in the last 24 hours, followed by an 8.99% rise in the market cap, which stands at $18.5 billion. Meanwhile, the Volume / Market Cap has a value of 0.104, while the Market Dominance of the token has surged to 0.97%.
The daily candle for Polkadot opened at a price of $18.94 and reached a daily high of $19.31. Moreover, the daily low for the token stands at $18.32. It is also important to note that the price of 1 DOT at the time of writing is $18.96. The nearest support for the price action stands at $18.
Polkadot price analysis for March 1 on the daily chart
Polkadot price analysis for March 1, 2022, can be confirmed on a bullish note for the token, but it is also important to use three major indicators to predict the future price trajectory for the DOT token.
The MACD indicator shows that the MACD line has broken above the signal line, which means that bulls are in charge.
The RSI indicator reads a value of 51.30 which means that the token is slightly bullish. Moreover, the gradient of the line is nearly neutral, indicating sluggishness for today.
The price action is retesting the middle zone of the Bollinger Bands, and if successful, the prices might break above $20, entering the bullish zone of the Bands.
Polkadot price analysis for March 1, 2022, can be confirmed on a bullish note, but to confirm an uptrend, DOT must make a move towards $30.