Polkadot rallies above $19 following a sudden bullish wave: What’s next?

Polkadot price analysis for March 22, 2022, confirms that the DOT token has turned bullish finally breaking above the $19 price level. It is also important to note that the nearest resistance for DOT now stands at $20-$25 price region which was last witnessed in the first week of February. On the other hand, the Polkadot price analysis for March 21, 2022 confirmed that the DOT token has repeatedly failed in its attempt to breach $20 price resistance.

The data from CoinMarketCap shows that the trading volume of Polkadot has surged by 13.46% in the last 24 hours, followed by a 5.23% surge in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.04228, while the Market Dominance of the token has dropped to 1.01%.

The daily candle for Polkadot opened at a price of $18.75 and reached a daily high of $19.65 which acted as resistance. Moreover, the daily low for the token stands at $18.68. It is also important to note that the price of 1 DOT at the time of writing is $19.65. 

Polkadot price analysis for March 22 on the daily chart

Polkadot price analysis for March 22 will be implemented using 3 major indicators in the crypto space which can be seen on the chart below.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other. However, the former line is still above the latter meaning that bulls are in charge and the MACD histogram is also bullish.

The RSI indicator shows a value of 58.14 which means that the bulls are in control and the gradient of the line suggests that higher prices are likely. We might see a breakout above $20.

The price action for Polkadot aims to break out of the upper end of the Bollinger Bands which will only be successful if $20 gets broken.

Conclusion

Polkadot price analysis for March 22 ends on a bullish note for DOT as chances of breaking $20 are higher than ever.