After four days of declines, Polkadot is up $0.02 today

After closing at $6.18 today, Polkadot began today at $6.18 with significant bullish sentiment driving Polkadot's price action higher. So far today, price action has drawn out a distinct $6.13 to $6.23 range.

A study of Polkadot's historical price actions shows Polkadot is 8 cents away from testing key resistance at $6.28. Peaking above this level could inspire market bulls and open the path to further gains. Trend analysis indicates that Polkadot made an initial breakout above its 21 day Simple Moving Average at $6.21, a potential indicator of a newly emerging bullish phase. Polkadot formed a session range of $6.13 to $6.23 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $6.19. According to asset volatility analysis, Polkadot's upper Bollinger Band® is at $6.53, this is a slight indication of a slowdown.

Overall, while Polkadot has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Polkadot shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. EOS is up 1.05%.

At the same time, TRON moves 0.48% to trade around $0.066.

Approximately 11 months ago, Polkadot reached a significant high of $19.73 but has struggled to hold onto its gains and declined 68.69% since then. Polkadot has a market cap of 7.31 billion with an average daily volume of 181.50 million.