Polkadot back to early Feb levels as DOT tries to regains composure

Polkadot price analysis for March 30, 2022, confirms that the chances of DOT entering the $25 price seem quite low. It is also important to note that the nearest support for the token stands at a price of $22. Furthermore, losing the price level might turn the token bearish once again. As noted in our DOT price analysis for March 29, 2022, the token aims to consolidate above the $22 price region and turn it into major support for the price action. 

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped by 10.77% in the last 24 hours, followed by a 0.42% drop in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.05125, while the Market Dominance of the token has dropped to 1.03%.

The daily candle for Polkadot opened at a price of $22.43 and reached a daily high of $22.53 which acted as resistance. Moreover, the daily low for the token stands at $21.62. It is also important to note that the price of 1 DOT at the time of writing is $22.31. 

Polkadot price analysis for March 30 on the daily chart

Polkadot price analysis for March 30 will take into account the indicators on the daily chart which will help us determine the future trajectory of the price action for DOT.

Source: TradingView

The RSI indicator continues to make higher highs and currently holds a value of 65.25. Moreover, the gradient of the line for today suggests that prices might remain sluggish. 

The MACD indicator shows that the MACD line and the signal line are very close to each other and chances of a bearish divergence for Polkadot seem high. 

The price action aims to break out from the upper end of the Bollinger Bands which confirms that the bulls are in control of the entire price trajectory. 

Conclusion

Polkadot price analysis for March 30, 2022, confirms that soon if the bulls take over, we might see DOT above $25.