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May 15, 2023
Marginally higher but lacking a clear-cut direction, Polkadot is trading at $5.39 after ranging between $5.29 and $5.43 today.
Polkadot made an initial breakout above its 10 day Simple Moving Average at $5.41, a potential indicator of a newly emerging bullish phase. Polkadot's lower Bollinger Band® is at $5.1, indicating that the market is oversold and fertile for new buyers. Despite this, Polkadot could be slowing down soon as it approaches resistance at $5.4. Of course, crossing it might suggest further gains are ahead.
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 having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Litecoin moves up 5.55% to trade around $88.29. Bitcoin climbs 1.89% to trade around $27,449.
Since its 52-week high of $11.8, Polkadot has lost 54.71% over the last twelve months. Polkadot has a market cap of 6.38 billion with an average daily volume of 129.18 million.
