Polkadot turns bullish but, fails to reclaim $20: Buy or HODL DOT?

Polkadot price analysis for Feb 25, 2022, can be confirmed on a bullish note for the token, which has surged more than 8% in the last 24 hours. Currently ranked 13th in the crypto market, DOT has seen a great price surge in 2021. While the Russia-Ukraine conflict caused DOT to drop to the $15 price level, as seen in the Polkadot price analysis for Feb 24, the token has turned bullish since then. 

The data from CoinMarketCap shows that the trading volume of the token has surged 52.13% in the last 24 hours, followed by an 8.25% surge in the market cap. Meanwhile, the Volume / Market Cap has a value of 0.1326, while the Market Dominance of the token rests at 0.93%. 

The daily candle for Polkadot opened at a price of $16.17 and reached a daily high of $16.35. Moreover, the daily low for the token stands at $15.86. It is also important to note that the price of 1 DOT at the time of writing is $16.24. 

Polkadot price analysis for Feb 25 on the daily chart

Polkadot price analysis for Feb 25 has been implemented on the daily chart below using 3 of the most important indicators in the market.

Source: TradingView

The RSI indicator reads a value of 34.33, and the gradient of the line is negative overall, following a downtrend. However, for today, the gradient is slightly positive, but it is unlikely that the token breaks above $20. 

The MACD indicator shows that the MACD line is very close to the signal line, but the former is still above the latter, showing that the selling pressure is higher. 

The price action is situated in the lower end of the Bollinger Bands for Polkadot. The chances of a bearish breakout are quite high. 

Conclusion

Polkadot price analysis for Feb 25, 2022, can be confirmed a bullish note for the day, but an uptrend cannot be confirmed until $20 is reclaimed.