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June 23, 2023Tentatively higher from an earlier low of $4.83, Polkadot is up to $5.04 today, adding $0.207, or 4.29%, to today's closing price of $4.83.
Concerning technical analysis and more specifically, trend indicators, Polkadot made an initial breakout above its 50 day Simple Moving Average at $5.13, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $4.94 currently serving as resistance Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $5.23, thereby suggesting that Polkadot is becoming overvalued. As the trading day comes to an end, chart analysis indicates after reaching the known resistance zone beginning at $4.96, Polkadot price action retreated approximately 8 cents.
Overall, while Polkadot has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as Bitcoin Cash skyrockets 30.45% to trade around $174.69. FTX Token soars 9.54% to trade around $1.36. EOS rallies 7.68% to trade around $0.732.
Polkadot is now trading 23.39% below its 3-month high of $9.52. Polkadot has a market cap of 6 billion with an average daily volume of 127.23 million.
