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April 06, 2023Polkadot slides down from $6.4 to $6.32 today, losing $0.081 (1.26%).
Polkadot made an initial break below its 50 day Simple Moving Average at $6.33, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $6.59 which indicates a further downward move may follow. On the other hand, note that Polkadot could begin to recover as it approaches significant support, now 2 cents away from $6.3. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Polkadot to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Polkadot is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Dogecoin closed at $0.089 (down 3.37%).
Other assets are showing positive performances as FTX Token surges 9.54% to trade around $1.36. EOS is up 3.08%.
11 months ago Polkadot reached a significant high of $20.51 but has consequently lost 68.79% since then. Polkadot has a market cap of 7.42 billion with an average daily volume of 191.90 million.
