Polkadot price analysis: DOT breaks into $23 price level

Polkadot price analysis for Feb 8, 2022, is definitely bullish for the blockchain-based network, which is mostly known for its parachain feature. The recent parachain auctions that were held in Nov brought the token to the top 10 cryptocurrencies in the market. Since then, the token hasn’t looked back. One of the prominent winners of the DOT parachain slot, Astar Network, recently secured $22 million in funding.

The data from CoinMarketCap shows that the trading volume of the token surged 60.47%, followed by a 3.95% rise in the market cap in the last 24 hours. During the same duration, the prices have surged by 2.55%. The Market Dominance of DOT is 1.11%, while the Volume / Market Cap Ratio stands at 0.06565. 

The daily candle for DOT began at a price of $22.36, as shown by the Polkadot price analysis for Feb 8. The daily high for DOT remains at $23.19, while the daily low stands at $21.88. 1 DOT, at the time of writing, costs around $22.96, which is 57.94% low from the all-time high.

Polkadot price analysis on the daily chart

The Polkadot price analysis on the daily chart below shows that DOT aims to break above the upper end of the Bollinger Bands. If successful, we might witness higher prices for DOT.

Source: TradingView

The MACD indicator below shows that the MACD line (blue) continues to progress above the signal line (orange), which means that soon, DOT might make a move towards $30.

Source: TradingView

Conclusion

As per our Polkadot price analysis for Feb 6, 2022, DOT will now aim for the $26 resistance. If the trading volume remains bullish, we might witness DOT break above $30. Moreover, last week, we saw DOT rise by more than 19%, as per our Polkadot price analysis for Feb 5, 2022. In all, TheCoinRise believes that DOT will resume its uptrend in the near future and try to reclaim the previous all-time high of $55. Hence, the DOT price analysis for Feb 8 concludes on a bullish note.