Polkadot price analysis: DOT breaks $22, an uptrend possible

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.

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.

Source: TradingView

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.

Source: TradingView

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.