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June 27, 2023
Marginally higher but lacking a clear-cut direction, Polkadot is trading at $5.09 after ranging between $5 and $5.1 today.
As the day gets underway, chart analysis suggests Polkadot could be slowing down soon; it is getting close to the resistance line and is now at $5.18, only 9 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend analysis indicates that Polkadot made an initial breakout above its 50 day Simple Moving Average at $5.09, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $5.07 by around $0.023 with prices hammering out a $5 – $5.1 session range. According to asset volatility analysis, Polkadot's upper Bollinger Band® is at $5.29, this is a slight indication of a slowdown.
Overall, while Polkadot has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as FTX Token added 9.54% to its value, now trading at $1.36. TRON climbs 1.11% to trade around $0.075. Having closed the previous session at $6.06, Chainlink USD is up 2.05% today to currently trade at around $6.19.
Over the past 10 months, Polkadot has retreated 47.23% from a noteworthy peak of $9.52. Polkadot has a market cap of 6.13 billion with an average daily volume of 126.92 million.
