Bearish Polkadot currently $0.12 lower after trading as high as $6.16

Polkadot slides down from $6.12 to $6 today, losing $0.12 (2.26%).

Trend-following investors would be interested to note that 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. Price action remains constrained around the key Fibonacci level of $6 currently serving as support. If price action breaks below, the next Fib hurdle is $5.86. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $5.9, a low enough level to, generally, suggest that Polkadot is trading below its fair value. Visual analysis of Polkadot's chart shows that Polkadot could begin to recover as it approaches significant support, now 2 cents away from $6. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates Polkadot will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, Ripple is down $0.018 from the beginning of the session and now trades around $0.458. Ethereum closed at $1,889 (down 2.88%).

Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36.

Polkadot has fallen back around 67.33% from the significant high of $18.73 set 11 months ago. Polkadot is currently trading with a market cap of 7 billion with an average daily volume of 196.15 million.