Bearish Polkadot currently $0.028 lower after trading as low as $5.16

Bearish Polkadot currently $0.028 lower after trading as low as $5.16

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.

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Tezos remains on-trend despite dull session

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Tezos remains on-trend despite dull session

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Tezos remains on-trend despite dull session

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Tezos remains on-trend despite dull session

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Tezos remains on-trend despite dull session

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Tezos remains on-trend despite dull session

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