Polkadot jumps 6% following the onset of a sudden bullish sentiment

Polkadot price analysis for March 16, 2022, comes on a bullish note for the DOT token as it rose nearly 6% in the last 24 hours. Moreover, it is also important to note that the nearest resistance for the token stands at the $19 price level which the token has failed to break on multiple occasions. If DOT is successful in breaching $19, we might witness it break into the top 10 rankings once again, as noted in our DOT price analysis for March 15, 2022. 

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped nearly 6.66% in the last 24 hours, followed by a 6.27% increase in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.04027, while the Market Dominance of the token has surged to 1.02%. DOT is ranked #11 in the market.

The daily candle for Polkadot opened at a price of $17.81 and reached a daily high of $18.68 which acted as resistance. Moreover, the daily low for the token stands at $17.74. It is also important to note that the price of 1 DOT at the time of writing is $18.59. 

Polkadot price analysis for March 16 on the daily chart

Polkadot price analysis for March 16 on the daily chart can be tracked via 3 major indicators in the crypto space.

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 indicating that bulls are in charge. 

Moreover, the RSI line reads a value of 53.76 which means that bulls are once again taking charge to break $19 and the gradient of the line for Polkadot is also quite positive. 

The price action now attempts to break out of the upper end of the Bollinger Bands which means that chances of a bullish breakout are quite high.

Conclusion

Polkadot price analysis for March 16, 2022, confirms that the chances of DOT breaking $19 are substantial.