Losing streak continues: Polkadot down $0.26 to $6.07 adding to its five days of losses

Polkadot is consolidating around the $6.07 level after dropping $0.26 at the start of the trading session.

Polkadot made an initial break below its 200 day Simple Moving Average at $6.16, a possible indication of a forthcoming negative trend. In contrast, although Polkadot is pointing down today (was as low as $5.87), it's climbing away from the $5.85 support line and is now 23 cents above it. Polkadot's lower Bollinger Band® is at $5.81, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

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, Bitcoin is trading around $22,428 (down $1,051). Litecoin is trading around $90.31 (down $5).

Other assets are showing positive performances as FTX Token is up 9.54% to $1.36.

10 months ago Polkadot reached a significant high of $27.51 but has consequently lost 76.97% since then. Polkadot is currently trading with a market cap of 7 billion with an average daily volume of 327.88 million.