Polkadot price analysis on the daily chart shows that the token broke above the $22 price level, and now, the token aims to break into an uptrend. Furthermore, in the last 24 hours, the token has been up by nearly 5%. It can be seen that DOT remains in the 10th position in the market. The ultimate goal for DOT is to confirm an uptrend and break above the $26 price resistance, as seen in our Polkadot price analysis for Feb 6, 2022.
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The data from CoinMarketCap shows that trading volume for DOT dropped by 4.86% in the last 24 hours, followed by a 5.11% surge in the market cap. Moreover, the market dominance of the token stands at 1.13%. Meanwhile, it is also important to note that Polkadot is 59.34% low from its all-time high of $55.
Our Polkadot price analysis for Feb 7, 2022, shows that the daily candle for DOT opened at a price of $21.91 and reached a daily high of $22.47. Moreover, the daily low of the token stands at a price of $21.39. The nearest competitor for Polkadot is LUNA which is holding above the important support of $53.5, as per our LUNA price analysis for Feb 6, 2022.
Polkadot price analysis on the daily chart
Polkadot price analysis on the daily chart shows that the Accumulation/Distribution Line is making higher highs, and a trend reversal can be expected soon from Polkadot.
The MACD indicator confirms that the MACD line (blue) has broken above the signal line (orange), last reported in our Polkadot price analysis for Feb 5, 2022.
Conclusion
DOT price analysis on the daily chart confirms a bullish analysis for the token. The blockchain-based project reclaimed the $20 price level, as seen in the DOT price analysis for Feb 1, 2022. February has been very bullish for Bitcoin as well. The world’s biggest cryptocurrency dropped nearly 19% in the month of January but started February on a bullish note. BTC now aims for $43K, as seen in our Bitcoin price analysis for Feb 7, 2022.
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