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July 01, 2023
Polkadot trades at $5.34 after gaining $0.164 (3.16%).
Trend and momentum analysis indicates that investors are seeking long positions as Polkadot price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Price action overcame a known Fibonacci resistance level at $5.24 by around $0.109 with prices hammering out a $5.13 – $5.36 session range. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $5.41, thereby suggesting that Polkadot is becoming overvalued. A study of Polkadot's chart reveals various key levels to watch: Polkadot broke through the $5.26 resistance, climbing 8 cents above it.
Notwithstanding Polkadot's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as FTX Token gained 9.54% and is currently trading at $1.36. EOS climbs 3.56% to trade around $0.779.
At the same time, Bitcoin Cash closed at $290.52 (down 5.28%).
Approximately 10 months ago, Polkadot reached a significant high of $9.52 but has struggled to hold onto its gains and declined 45.61% since then. Polkadot has a market cap of 6.41 billion with an average daily volume of 144.67 million.
