Polkadot price analysis: DOT breaks $22, up 19% this week

Polkadot price analysis for Feb 5 shows that the token rose by nearly 15% in the last 24 hours and 18.86% in the last 7 days. Moreover, the DOT token has been performing exceptionally well in 2021 and has gained the 10th position in the market. Despite the token falling out of the top 10 cryptocurrencies in the market, the token is now back in the top 10.  

The data from CoinMarketCap shows that the trading volume of the Polkadot (DOT) token rose by 61.37% in the last 24 hours, followed by a 14.67% rise in the market cap. The data also shows that the Volume/Market Cap ratio stands at 0.06627, followed by a market dominance of 1.14%.

Polkadot price analysis shows that the daily candle for DOT started at a price of $20.49 and reached a daily high of $22.29. Moreover, the daily low of the token stands at $20.30. We saw DOT near the $20 price level, as per our Polkadot price analysis for Feb 4. DOT has been quite active in the year 2021, mostly due to the parachain auctions starting Nov 11.

Polkadot price analysis on the daily chart

Polkadot price analysis on the daily chart below includes the MACD indicator, which shows that the MACD line (blue) broke above the signal line (orange). The MACD histogram is also full of green bars indicating a surge in buying pressure for DOT.

Source: TradingView

The Bollinger Bands on the chart below show that Polkadot is now nearing the upper end of the Bands. It seems that the token might break out of the upper end of the Bands if the buying pressure continues to surge.

Source: TradingView

Conclusion

The Polkadot price analysis for Feb 5 can be concluded on a bullish note for the day. Meanwhile, the world’s biggest cryptocurrency, Bitcoin, has also been bullish for the day. The Bitcoin price analysis for Feb 5 shows that BTC reclaimed $41K. On the other hand, Ethereum has also reclaimed $3K on Feb 5.