Polkadot down $0.236, closing at $6.31, for its 4th straight negative day

Polkadot is range-bound between $6.25 and $6.54 today after shedding $0.236 and closing at $6.54 today.

Support/Resistance levels obtained from chart analysis indicate that Polkadot could begin to recover as it approaches significant support, now 4 cents away from $6.35. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that Polkadot made an initial break below its 50 day Simple Moving Average at $6.4, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $6.43, market bears have earmarked $6.1 as the next downside target. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $5.88, a low enough level to, generally, suggest that Polkadot is trading below its fair value.

Overall, the technical outlook suggests Polkadot is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Litecoin is down to $94.6, losing $3.25, after closing at $97.85 in the preceding trading session. Cardano closed at $0.348 (down 3.36%).

Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36.

Polkadot has fallen back around 76.22% over the past 10 months, from a notable high of $27.51. Polkadot is currently trading with a market cap of 7.33 billion with an average daily volume of 318.25 million.