Polkadot price analysis: DOT aims to reclaim $20

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Polkadot price analysis for February 1, 2022, brings a very bullish analysis for investors as the 10th biggest cryptocurrency has gained 11.4% in the last 24 hours. DOT had dropped out of the top 10 cryptocurrencies in the market as per January 31 price analysis. However, the month of February has begun on an optimistic note. 

The data from CoinMarketCap shows that the trading volume of the DOT token has surged by 39.45%, followed by a 10.60% rise in the market cap. The market dominance of the DOT token has breached 1%. Moreover, DOT is around 64.14% low from its all-time high of 55.00 USD, witnessed by traders on November 4, 2021. DOT made the ATH following the excitement of the parachain auctions and the allocation of $770 million funds for the same.

The daily candle for February 1 started the day at a price of $19.38 and reached a daily high of $19.92. On the other hand, the daily low rests at $19.15, and it seems that $19 continues to remain as a major area of support. However, let’s take technical indicators into account in our Polkadot price analysis.

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Polkadot price analysis on the daily chart

The Polkadot price analysis on the daily chart below shows that DOT is aiming for the middle zone of the Bollinger Bands. Once the buying pressure surges by a considerable amount, we will witness the price action move into the upper end of the Bands. If this happens, DOT might break the $30 level.

Polkadot Price Analysis

Source: TradingView

The RSI line has a positive gradient which means that higher prices will follow in the short term. It needs to break above the 50 mark to confirm bullishness.

Polkadot Price Analysis

Source: TradingView

Conclusion

Our Polkadot price analysis is concluded on a bullish note for today as the world’s 10th biggest cryptocurrency has outperformed BTC and ETH on the daily chart, as seen in our Bitcoin price analysis and Ethereum price analysis, respectively. Moreover, Solana remains a competitor for Polkadot, as per our Solana price analysis.

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