Polkadot aims to re-enter the top 10: Remains below $20 resistance

Cryptocurrency Price analysis and Prediction

March 01, 2022

Cryptocurrency Price analysis and Prediction

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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.

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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.

Source: TradingView

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.

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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.