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March 11, 2023
Polkadot falls to $5.35, following mixed behavior today as it ranges between $5.3 and $5.68.
Although Polkadot is pointing down today (was as low as $5.3), it's climbing away from the $5.27 support line and is now 9 cents above it. Despite being in the red so far in the current trading session, Polkadot peaked above its 5 day Simple Moving Average around $5.62 — typically an early indicator of a new bullish trend beginning to emerge. The Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains. Bollinger Bands® shows an indication of recovery: the lower band is at $5.06, a low enough level to, generally, suggest that Polkadot is trading below its fair value.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Polkadot is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, EOS dips 5.9% to trade around $0.983. Litecoin is down to $69.07, losing $2.56, after closing at $71.63 in the preceding trading session.
Other assets are showing positive performances as FTX Token is up 9.54% to $1.36.
Approximately 11 months ago, Polkadot reached a significant high of $27.51 but has struggled to hold onto its gains and declined 79.78% since then. Polkadot is currently trading with a market cap of 6.24 billion with an average daily volume of 296.67 million.
