Polkadot recovering almost all the way back to $5.28 today, after dipping down to $5.16.
Trend analysis indicates 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. Analysis based on the asset volatility indicates that Polkadot's lower Bollinger Band® is at $5.17, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. A study of Polkadot's historical price actions shows Polkadot could begin to recover as it approaches significant support, now 8 cents away from $5.17. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Polkadot is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Bitcoin is down to $26,400, losing $600, after closing at $27,000 in the preceding trading session. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36.
Over the past 11 months, Polkadot has retreated 55.25% from a noteworthy peak of $11.8. Polkadot has a market cap of 6.21 billion with an average daily volume of 133.97 million.