Polkadot finds strong resistance at $23: Will bulls push through?

Polkadot price analysis for March 31, 2022, comes on a bullish note for the token as chances of DOT breaking the $23 price resistance seem quite high. Moreover, the $23 price zone has remained strong resistance to prices for a long time. We also noted in our DOT price analysis for March 30, 2022, that the chances of a bullish outburst are quite high as the token is back to the early-Feb price levels. 

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped by 6.99% in the last 24 hours, followed by a 1.45% rise in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.04857, while the Market Dominance of the token has surged to 1.04%.

The daily candle for Polkadot opened at a price of $22.46 and reached a daily high of $22.93 which acted as resistance. Moreover, the daily low for the token stands at $22.33. It is also important to note that the price of 1 DOT at the time of writing is $22.77. 

Polkadot price analysis for March 31 on the daily chart

Polkadot price analysis for March 31 will take into account the data from the indicators on the daily chart below and trace out the price trajectory of the token.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other as the chances of either gaining advantage seem relatively high. Moreover, the MACD histogram’s bullishness is also fading away. 

The RSI indicator reads a value above 67 which means that the buying pressure seems quite high and the line continues to make higher highs, as the price action attempts to create an uptrend for Polkadot. 

The price action is situated in the upper end of the Bollinger Bands which means that investors can expect DOT to breach $25 in the coming days.

Conclusion

Polkadot price analysis for March 31, 2022, ends on a bullish note for the token as chances of DOT breaking $25 seem considerable.