Losing streak continues, Polkadot lost $0.139 to $5.89 adding to its six consecutive days of drops

Polkadot drops from $6.03 to $5.89, losing $0.139 (2.3%) today.

With regards to technical trend indicators, chart analysis show 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $5.73, a low enough level to, generally, suggest that Polkadot is trading below its fair value. Following today's trading session, chart analysis suggests Polkadot is currently alternating around $5.94 with price action moving above and below this key level throughout the session.

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, EOS drops 5.6% to trade around $1.24. MaticNetwork USD closed at $1.12 (down 4.09%).

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

Over the past 10 months, Polkadot has retreated 78.07% from a noteworthy peak of $27.51. Polkadot has a market cap of 6.85 billion with an average daily volume of 324.83 million.