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June 21, 2023After ending today at $4.66, Polkadot ascended as high as $4.85 before meeting resistance. Undeterred, Polkadot posted a fresh rally late in the trading session targeting $4.82.
Trend-focused traders would be interested to note that Polkadot made an initial breakout above its 21 day Simple Moving Average at $4.81, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $5.36, thereby suggesting that Polkadot is becoming overvalued. Visual analysis of Polkadot's chart shows that after reaching the known resistance zone beginning at $4.75, Polkadot price action retreated approximately 7 cents.
Notwithstanding Polkadot's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Polkadot shows positive signs, other assets are also on par: Bitcoin Cash is up 24.08%. Bitcoin is up 6.74%. Having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Polkadot is now trading 26.97% below its 3-month high of $9.52. Polkadot is currently trading with a market cap of 5.77 billion with an average daily volume of 122.65 million.
