Polkadot finally breaks $19 price resistance: DOT aims to re-enter top 10

Polkadot price analysis for March 17, 2022, confirms that the chances of DOT breaking above the important price level of $20 are quite high as the DOT token finally reclaimed the $19 price resistance that bothered investors for a long. As noted in DOT price analysis for March 16, 2022, the $19 price resistance was tested on multiple occasions but it prevailed. Moreover, the token aims to enter the top 10 list in the near future and currently, it is ranked 11th. 

The data from CoinMarketCap shows that the trading volume of Polkadot has surged by 29.32% in the last 24 hours, followed by a 6.56% increase in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.05871, while the Market Dominance of the token has surged to 1.04%.

The daily candle for Polkadot opened at a price of $19.05 and reached a daily high of $19.35 which acted as resistance. Moreover, the daily low for the token stands at $18.74. It is also important to note that the price of 1 DOT at the time of writing is $19.10. 

Polkadot price analysis for March 17 on the daily chart

Polkadot price analysis for March 17 will use the following 3 indicators on the daily chart which form an important part of our technical analysis.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and the chances of a bullish breakout are quite high. On the whole, the former line remains above the latter which means bulls are in charge. 

The RSI indicator shows that the line is making higher highs and reads a value of 56.21. This means that Polkadot price action is dominated by the bulls. 

The price action aims to break out of the upper end of the Bollinger Bands and the chances of DOT breaking $20 seem quite high.

Conclusion

Polkadot price analysis for March 17 confirms a bullish analysis for the token as DOT’s chances of reclaiming $20 seem high.