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May 28, 2023
Polkadot spiked to $5.45 before dropping back to its pre-spike levels and is now heading towards the close around $5.45.
Polkadot made an initial breakout above its 21 day Simple Moving Average at $5.35, a potential indicator of a newly emerging bullish phase. On the other hand, note that Polkadot could be slowing down soon; it is getting close to the resistance line and is now at $5.38, only 7 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Polkadot's upper Bollinger Band® is at $5.46, this is a slight indication of a slowdown.
Polkadot continues to move higher with technical analysis indicating the trend will continue in the short term.
Polkadot shows positive signs, other assets are also on par: FTX Token is up 9.54%. Bitcoin is up 2.81%. Cardano ascends 3.24% to trade around $0.379.
Over the past 11 months, Polkadot has retreated 49.26% from a noteworthy peak of $10.52. Polkadot is currently trading with a market cap of 6.47 billion with an average daily volume of 106.93 million.
