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April 27, 2023
Polkadot is rallying again to $5.96 (up $0.118), after erasing earlier gains.
Polkadot made an initial breakout above its 200 day Simple Moving Average at $5.92, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $6 currently serving as resistance. If broken, the next Fib hurdle is expected to be $6.16. Polkadot's lower Bollinger Band® is at $5.51, indicating that the market is oversold and fertile for new buyers. In contrast, Polkadot could be slowing down soon; it is getting close to the resistance line and is now at $6.1, only 13 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Examining the technical analysis landscape, Polkadot might continue its downtrend in the short term.
Other markets are also showing gains as FTX Token is up 9.54%. Bitcoin climbs 2.49% to trade around $29,134. Ethereum added 2.55% to its value, now trading at $1,912.29.
Since its 52-week high of $17, Polkadot has lost 65.67% over the last twelve months. Polkadot is currently trading with a market cap of 7 billion with an average daily volume of 190.27 million.
