Losing streak continues, Polkadot lost $0.094 to $6.19 adding to its four consecutive days of drops

Polkadot slides down from $6.29 to $6.19 today, losing $0.094 (1.5%).

Polkadot made an initial break below its 21 day Simple Moving Average at $6.25, a possible indication of a forthcoming negative trend. Polkadot is currently flirting with an active Fibonacci support level around $6.19. Polkadot's upper Bollinger Band® is at $6.54 which indicates a further downward move may follow. On the other hand, note that Polkadot could begin to recover as it approaches significant support, now 5 cents away from $6.24. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Polkadot to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Polkadot is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Dogecoin is trading around $0.083 (down $0.002). Tezos USD goes down 3.5% to trade around $1.1.

Positive performances can be seen by looking at other markets as FTX Token surges 9.54% to trade around $1.36.

Having set a significant high of $20.51 a year ago, Polkadot is trading 69.35% lower. Polkadot is currently trading with a market cap of 7.27 billion with an average daily volume of 187.70 million.