Polkadot continues a five day positive streak and is up $0.118 to $6.42

Polkadot has rallied $0.118, or 1.88%, to now stand at $6.42.

Despite posting gains so far today, Polkadot slid below its 10 day Simple Moving Average at $6.29 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $6.58, thereby suggesting that Polkadot is becoming overvalued. Polkadot could be slowing down soon as it approaches resistance at $6.52. Of course, crossing it might suggest further gains are ahead. In contrast, Fibonacci-focused traders would be interested to note that Polkadot is oscillating around the key Fibonacci resistance level of $6.44.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Polkadot is set for a reversal in the coming days.

Polkadot shows positive signs, other assets are also on par: Solana is up 9.89%. FTX Token gained 9.54% and is currently trading at $1.36. Bitcoin increases 1.88% to trade around $30,200.

Polkadot has fallen back around 67.32% over the past 11 months, from a notable high of $19.27. Polkadot has a market cap of 7.54 billion with an average daily volume of 160.22 million.