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March 01, 2023Tentatively higher from an earlier low of $6.34, Polkadot is up to $6.52 today, adding $0.163, or 2.57%, to today's closing price of $6.35.
Polkadot made an initial breakout above its 50 day Simple Moving Average at $6.36, a potential indicator of a newly emerging bullish phase. Crossed the $6.43 Fibonacci level, next level is at $6.64. Polkadot's lower Bollinger Band® is at $5.87, indicating that the market is oversold and fertile for new buyers. Despite this, Polkadot reversed direction at $6.6 resistance zone and retreated back 8 cents below it.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Polkadot to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Polkadot is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as FTX Token surges 9.54% to trade around $1.36. EOS is up 4.03%. Cosmos USD is up 4.51%.
Polkadot has fallen back around 76.9% from the significant high of $27.51 set 10 months ago. Polkadot has a market cap of 7.57 billion with an average daily volume of 308.32 million.
