Polkadot decreases $0.131 following previous session close at $7.25

Polkadot is grinding lower from $7.25 to $7.12, shedding $0.131 (1.81%) today.

Polkadot chart analysis: Polkadot could begin to recover as it approaches significant support, now 6 cents away from $7.05. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that despite being in the red so far in the current trading session, Polkadot peaked above its 5 day Simple Moving Average around $7.26 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that Polkadot's upper Bollinger Band® is at $7.66 which indicates a further downward move may follow.

Overall, while Polkadot has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

In the meantime, negative performances are also seen in other markets, Solana is down $1.31 from the beginning of the session and now trades around $23.65.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Tezos USD rises 6.96% to trade around $1.31.

Polkadot has fallen back around 73.65% over the past 10 months, from a notable high of $27.51. Polkadot is currently trading with a market cap of 8.25 billion with an average daily volume of 255.69 million.