Bearish Polkadot currently $0.05 lower after trading as low as $6.65

Polkadot drops $0.05 early on and steadies around the $6.68 level.

Polkadot made an initial break below its 3 day Simple Moving Average at $6.51, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $6.77 which indicates a further downward move may follow. In contrast, Polkadot could begin to recover as it approaches significant support, now 9 cents away from $6.59. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Polkadot.

In the meantime, negative performances are also seen in other markets, Solana is down to $24.23, losing $0.458, after closing at $24.69 in the preceding trading session.

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. UNICORN Token USD goes up 1.62% to trade around $6.47.

Polkadot is now trading 65.08% below the significant high of $19.27 it set around 11 months ago. Polkadot has a market cap of 7.86 billion with an average daily volume of 170.37 million.