Polkadot cryptocurrency trades up $0.025, approximately 0.53% higher going into tomorrow

Polkadot spiked to $4.97 before dropping back to its pre-spike levels and is now heading towards the close around $4.85.

Polkadot reversed direction at $4.88 resistance zone and retreated back 3 cents below it. Although up today, early price action saw Polkadot dropping below its 21 day Simple Moving Average at $4.79 — an early indicator that a new downward trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $5.28, thereby suggesting that Polkadot is becoming overvalued. In contrast, Polkadot is currently trading around the $4.94 Fibonacci resistance level.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Polkadot is set for a reversal in the coming days.

Other markets are also showing gains as FTX Token is up 9.54%. Having closed the previous session at $0.287, Cardano is up 2.41% today to currently trade at around $0.293.

At the same time, Binance Coin is down to $244.19, losing $4.81, after closing at $249 in the preceding trading session.

Polkadot is now trading 49.34% below the significant high of $9.52 it set around 10 months ago. Polkadot is currently trading with a market cap of 5.85 billion with an average daily volume of 119.62 million.