Bearish Polkadot currently $0.095 lower after trading as low as $5.57

Polkadot slides down from $5.71 to $5.62 today, losing $0.095 (1.66%).

Polkadot could begin to recover as it approaches significant support, now 4 cents away from $5.66. Dipping below could be an indication that further losses are ahead. Polkadot's lower Bollinger Band® is at $5.29, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Technical analysis indicates that Polkadot (currently on a downtrend) might reverse course and start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, Ripple closed at $0.452 (down 2.79%). Solana closed at $21.37 (down 3.87%).

Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36.

Polkadot reached a significant high of $16.31 around 11 months ago but has lost 64.96% since then. Polkadot is currently trading with a market cap of 6.63 billion with an average daily volume of 185.72 million.