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June 02, 2023
After ending the previous trading day at $5.21, Polkadot went up to $5.26 only to drop back; still positive overall today, now trading at $5.25.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Bollinger Band® analysis indicates that current price action is approaching the upper band at $5.5, thereby suggesting that Polkadot is becoming overvalued. Polkadot could be slowing down soon as it approaches resistance at $5.3. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, Polkadot is likely to reverse course and start pointing downward in the short term.
Other markets are also showing gains as FTX Token is up 9.54%. Having closed the previous session at $0.884, EOS is up 2.46% today to currently trade at around $0.905.
Meanwhile, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Polkadot is now trading 18.74% below its 3-month high of $9.85. Polkadot has a market cap of 6.25 billion with an average daily volume of 98.55 million.
