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February 27, 2023
Polkadot remains range-bound within a $6.6 to $6.7 range but falls to $6.63 in choppy trade.
Polkadot could begin to recover as it approaches significant support, now 10 cents away from $6.53. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Polkadot peaked above its 3 day Simple Moving Average around $6.75 — typically an early indicator of a new bullish trend beginning to emerge. Polkadot's lower Bollinger Band® is at $5.86, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. On the other hand, note that price action remains constrained around the key Fibonacci level of $6.64 currently serving as support. If price action breaks below, the next Fib hurdle is $6.43.
Overall, looking at the technical analysis landscape, it seems Polkadot —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD closed at $6.43 (down 2.98%). Cardano is down to $0.364, losing $0.004, after closing at $0.368 in the preceding trading session.
Other assets are showing positive performances as FTX Token is up 9.54%.
10 months ago Polkadot reached a significant high of $27.51 but has consequently lost 75.69% since then. Polkadot has a market cap of 7.70 billion with an average daily volume of 288.17 million.
