Polkadot gets off to a weak start; down 0.38% this morning to $4.51

Polkadot is down to $4.51, after ending today at $4.53. Overall, a 0.38% loss or $0.017 today.

With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates Polkadot is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $4.38, a low enough level to, generally, suggest that Polkadot is trading below its fair value. As the trading day commences, technical analysis suggests Polkadot could begin to recover as it approaches significant support, now 5 cents away from $4.47. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests Polkadot has no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Ripple closed at $0.521 (down 0.77%).

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Polkadot is now trading 25.65% below its 3-month high of $9.52. Polkadot is currently trading with a market cap of 5.39 billion with an average daily volume of 114.55 million.