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June 30, 2023Polkadot trades at $5.17 after gaining $0.187 (3.76%).
Chart analysis indicates Polkadot could be slowing down soon as it approaches resistance at $5.14. Of course, crossing it might suggest further gains are ahead. Trend-following investors would be interested to note that Polkadot made an initial breakout above its 50 day Simple Moving Average at $5.07, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $4.93 to $5.17, Fibonacci-inclined Polkadot traders were highly concentrated around active Fibonacci resistance at $5.07. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $5.31, thereby suggesting that Polkadot is becoming overvalued.
Notwithstanding Polkadot's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as Bitcoin Cash explodes 20.1% to trade around $305.13. Litecoin is up 18.42%. Having closed the previous session at $0.678, EOS is up 10.59% today to currently trade at around $0.749.
10 months ago Polkadot reached a significant high of $9.52 but has consequently lost 47.72% since then. Polkadot is currently trading with a market cap of 6.37 billion with an average daily volume of 138.22 million.
