Polkadot jumps 4% in 24 hours, nears $18 resistance: Will it push through?

Polkadot price analysis for March 9, 2022, confirms that the token has turned bullish after a few days of sluggish performance. The token is back in the 12th position in the market and aims to reclaim its spot in the top 10. Moreover, the DOT price analysis from March 8, 2022, confirms that the token dropped 10% in just 7 days which indicates that DOT is still stuck in a downtrend and this might be just a bull trap. 

The data from CoinMarketCap shows that the trading volume of the Polkadot token has declined by nearly 2.50% in the last 24 hours, followed by a rise of 3.74% in the market cap, which has breached $17 billion at the time of writing. Meanwhile, the Volume / Market Cap has a value of 0.0516, while the Market Dominance of the token has also increased to 0.97%.

The daily candle for Polkadot opened at a price of $16.97 and reached a daily high of $17.47. Moreover, the daily low for the token stands at $16.88. Furthermore, another important thing to note is that the price of 1 DOT at the time of writing is $17.34. 

Polkadot price analysis for March 9 on the daily chart

Polkadot price analysis for March 9 on the daily chart will be using 3 major indicators in the crypto space to figure out the chances of DOT breaking into the $18 price level.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line but the two are very close and bearish divergence is possible.

The RSI indicator shows a reading of 45.62 while the gradient of the line is positive which means that chances of Polkadot reaching higher prices today are high.

Source: TradingView

The price action has broken above the middle zone of the Bollinger Bands which means that situation has now turned bullish for the token.

Conclusion

Polkadot price analysis for March 9 confirms that in the coming days we might see DOT break above $18, making a move towards $22 resistance.