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May 14, 2023Currently trading at $5.38, Polkadot remains range-bound between $5.33 and $5.39.
Technical chart analysis shows Polkadot could be slowing down soon as it approaches resistance at $5.38. Of course, crossing it might suggest further gains are ahead. Trend-following investors would be interested to note that despite posting gains so far today, Polkadot slid below its 5 day Simple Moving Average at $5.36 in earlier trade — an early indicator that a negative trend could be emerging. Analysis based on the asset volatility indicates that Polkadot's lower Bollinger Band® is at $5.14, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates Polkadot will remain range-bound for the immediate future.
Other markets are also showing gains as FTX Token gained 9.54% and is now trading at $1.36. Bitcoin Cash gained 2.34% and is currently trading at $115.75.
Meanwhile, UNICORN Token USD closed at $6.43 (down 2.98%).
Polkadot has fallen back around 54.64% from the significant high of $11.8 set 11 months ago. Polkadot is currently trading with a market cap of 6.37 billion with an average daily volume of 136 million.
