End of rally? After five days of gains, Polkadot is down $0.026 today

Polkadot drops from $5.32 to $5.29, losing $0.026 (0.5%) today.

Polkadot could begin to recover as it approaches significant support, now 6 cents away from $5.23. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Polkadot peaked above its 5 day Simple Moving Average around $5.32 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $5.09, a low enough level to, generally, suggest that Polkadot is trading below its fair value.

Overall, looking at the technical analysis landscape, it seems Polkadot —which is 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, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.

Other assets are showing positive performances as FTX Token rallies 9.54% to trade around $1.36. Litecoin gained 2.9% and is now trading at $89.65.

Having soared to a high of $11 approximately 11 months ago, Polkadot is now trading 51.73% lower. Polkadot is currently trading with a market cap of 6.27 billion with an average daily volume of 130.74 million.