Bearish Polkadot currently $0.065 lower after trading as low as $5.38

Polkadot recovering almost all the way back to $5.47 today, after dipping down to $5.38.

Polkadot made an initial break below its 5 day Simple Moving Average at $5.46, a possible indication of a forthcoming negative trend. On the other hand, note that Bollinger Bands® shows an indication of recovery: the lower band is at $5.3, a low enough level to, generally, suggest that Polkadot is trading below its fair value. Polkadot could begin to recover as it approaches significant support, now 6 cents away from $5.34. Dipping below could be an indication that further losses are ahead.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Polkadot.

In the meantime, negative performances are also seen in other markets, Algorand USD closed at $0.164 (down 3.12%). NEAR Protocol is trading around $1.6 (down $0.059).

Other assets are showing positive performances as FTX Token is up 9.54%.

11 months ago Polkadot reached a significant high of $11.8 but has consequently lost 53.63% since then. Polkadot is currently trading with a market cap of 6.39 billion with an average daily volume of 146.22 million.