Polkadot finally breaks above $20: DOT reclaims $20B market cap

Polkadot price analysis for March 23, 2022, confirms that the DOT token has broken above the long-time resistance of $20 and has also reclaimed the $20 billion market cap. However, it has still not been able to enter the list of top 10 cryptocurrencies in the market and as a result, is being outperformed by AVAX which rose 22% in 7 days. The DOT price analysis for March 22, 2022, confirmed a bullish outburst above $19.

The data from CoinMarketCap shows that the trading volume of Polkadot has surged by 49.93% in the last 24 hours, followed by a 4.03% surge in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.06229, while the Market Dominance of the token has surged to 1.05%.

The daily candle for Polkadot opened at a price of $20.22 and reached a daily high of $20.73 which acted as resistance. Moreover, the daily low for the token stands at $19.80. It is also important to note that the price of 1 DOT at the time of writing is $20.41. 

Polkadot price analysis for March 23 on the daily chart

Polkadot price analysis for March 23 confirms that the token has turned bullish following a surge in buying pressure, as evident from the indicators below. 

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other but the former is above the latter confirming a bullish situation.

The RSI indicator reads a value of 61.62 which means that chances of a bullish breakout are still very high. The gradient of the line suggests that Polkadot might reach $21 as well.

On the other hand, the price action is attempting to break out of the upper end of the Bollinger Bands which means that chances of DOT retaining $20 are high.

Conclusion

The Polkadot price analysis for March 23, 2022, confirms that the chances of DOT retaining prices above $20 are very high with the nearest resistance above $21.