Polkadot price analysis on the daily chart for Feb 10, 2022, confirms that the DOT token is now nearing the price resistance of $22 once again. Furthermore, the chances of DOT reclaiming the $30 price level in the coming days are high if bullish volume surges. It is also to be noted that DOT dropped out from the top 10 cryptocurrencies in the market, reported by TheCoinRise in DOT price analysis for Feb 9, 2022.
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The data from CoinMarketCap shows that the trading volume of DOT dropped 29.96% in the last 24 hours followed by a 1.95% drop in the market cap. Moreover, the Volume / Market Cap Ratio stands at a value of 0.04342 while the Market Dominance stands at 1.07%. Polkadot is currently 60.70% low from the all-time high witnessed on Nov 04, 2021, at $55.
The daily chart opened at a price of $21.95 and reached a daily high of $22.02. Moreover, the daily low for the token stands at a price of $21.45. It is a notable fact that DOT was unable to break into an uptrend, as per our Polkadot price analysis for Feb 7, 2022. Polkadot has been bullish in 2021 following the establishment of $770M funds for parachain auctions, as TheCoinRise reported.
Polkadot price analysis on the daily chart
Polkadot price analysis on the daily chart shows that the token was unable to break out of the upper end of the Bollinger Bands.
The RSI levels broke into the bullish zone as buying pressure defeated the selling pressure. This confirms that Polkadot’s price trajectory is bullish overall.
Conclusion
Our Polkadot price analysis can be concluded on a bullish note as the blockchain-based platform now aims for the $25 price level. The goal is to break out of the upper end of the Bands and make way towards the $50 price zone.
On the whole, Bitcoin and Ethereum have also been sluggish for the past few days, as seen in our Bitcoin price analysis and Ethereum price analysis for Feb 10, 2022.
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