Polkadot price action consolidates above $21 as indicators remain bullish

Polkadot price analysis for March 25, 2022, confirms a bullish trajectory being followed by the token and the chances of DOT consolidating above the $21 price level seem high. It seems that the price action faces resistance at $22 while $21 retains as support. Moreover, the Polkadot price analysis for March 24, 2022, confirmed that it is imperative to retain prices above $20.

The data from CoinMarketCap shows that the trading volume of Polkadot has dropped by 5.31% in the last 24 hours, followed by a 0.77% surge in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.05796, while the Market Dominance of the token has dropped to 1.04%.

The daily candle for Polkadot opened at a price of $21.26 and reached a daily high of $21.38 which acted as resistance. Moreover, the daily low for the token stands at $20.96. It is also important to note that the price of 1 DOT at the time of writing is $21.07. 

Polkadot price analysis for March 25 on the daily chart

Polkadot price analysis for March 25 will take into consideration 3 indicators on the daily chart which will help us predict the future possibilities.

Source: TradingView

The RSI indicator reads a value above 63 which means that chances of the token remaining bullish seem high and the gradient of the line is also positive which means that higher prices are possible for Polkadot in the near future.

The MACD indicator shows that the MACD line remains above the signal line which means that the bulls are in charge. Furthermore, the chances of DOT retaining $21 seem quite high.

The price action for DOT aims to break out from the upper end of the Bollinger Bands which means that the buying pressure is quite high and is defeating the selling pressure.

Conclusion

The Polkadot price analysis for March 25, 2022, ends on a bullish note for the token as DOT retains prices above the $21 region.