Polkadot up 6% in 24 hours: DOT aiming for $20?

Polkadot price analysis for Feb 23 confirms that the token has turned bullish, rising by more than 6% in the last 24 hours. Moreover, it is possible for investors to see higher prices in the coming days if DOT is able able to reclaim $20 and make a move towards $30. On the other hand, the month of Feb hasn’t been very favorable for DOT as it dropped to 13th position in the market, as reported by TheCoinRise.

The data from CoinMarketCap shows that the trading volume of DOT declined 14.33% in the last 24 hours, followed by a 6.01% surge in the market cap. It is possible to witness a further decline in the prices if volume doesn’t turn bullish. The Volume / Market Cap Ratio currently stands at 0.07335.

The daily candle for Polkadot opened at a price of $16.61 and reached a daily high of $17.51. Moreover, the daily low for the token stands at $16.09. It is also to be noted that the price of 1 DOT at the time of writing is $17.29.

Polkadot price analysis for Feb 23 on the daily chart

Polkadot price analysis for Feb 23 on the daily chart confirms that the token has turned bullish, but we will also study 3 major indicators for further possibilities.

Source: TradingView

The MACD indicator shows that the MACD line (blue) is on the verge on breaking above the signal line (orange) which is a bullish indication for prices. 

The RSI indicator shows a value of 39.26 and investors can expect higher prices in the near future. The gradient of the line is positive which means that bulls are in control.

The price action has failed a breakout from the lower end of the Bollinger Bands and once again aims for higher prices. 

Conclusion

Polkadot price analysis on the daily chart for Feb 23 confirms that the token might turn bullish provided the resistance at $60 breaks.