Polkadot cryptocurrency trades up $0.046, approximately 0.81% higher this afternoon

Polkadot posts light gains on a low-volatility day, ranging between $5.63 – $5.73 and is now at $5.7.

Polkadot made an initial breakout above its 3 day Simple Moving Average at $5.71, a potential indicator of a newly emerging bullish phase. Polkadot's lower Bollinger Band® is at $5.31, indicating that the market is oversold and fertile for new buyers. Despite this, Polkadot could be slowing down soon; it is getting close to the resistance line and is now at $5.82, only 11 cents away. Crossing the resistance line could, however, suggest that 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 FTX Token is up 9.54% to $1.36. Having closed the previous session at $28,000, Bitcoin is up 1.63% today to currently trade at around $28,467.

At the same time, UNICORN Token USD is down $0.197 from the beginning of the session and now trades around $6.43.

Polkadot is now trading 65.29% below the significant high of $16.31 it set around 11 months ago. Polkadot has a market cap of 6.73 billion with an average daily volume of 190.15 million.