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June 28, 2023
After closing at $5.09 today, Polkadot opened today at $5.09, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Polkadot retains a distinct $5.03 to $5.09 daily range.
Polkadot made an initial break below its 50 day Simple Moving Average at $5.09, a possible indication of a forthcoming negative trend. Polkadot is currently flirting with an active Fibonacci support level around $5.07. Polkadot's upper Bollinger Band® is at $5.29 which indicates a further downward move may follow. On the other hand, note that Polkadot reversed direction at $5.03 support zone and climbed 5 cents above it.
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, Algorand USD is down to $0.122, losing $0.005, after closing at $0.127 in the preceding trading session. NEAR Protocol is down $0.067 from the beginning of the session and now trades around $1.41.
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 46.55% over the past 10 months, from a notable high of $9.52. Polkadot has a market cap of 6.11 billion with an average daily volume of 126.46 million.
