Polkadot is down by $0.139 (-2.37%); currently trading around $5.72

Polkadot weakened earlier in the day, before moving away from its $5.66 low and recovering back to $5.72.

Trend-following investors would be interested to note 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 asset volatility analysis, Polkadot's lower Bollinger Band® is at $5.46, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical chart analysis shows Polkadot fell below the $5.8 support zone and moved 9 cents beyond it; the next level of support with significant buyer interest is estimated at $5.77.

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

In the meantime, negative performances are also seen in other markets, Solana retreats 4.68% to trade around $19.33. Tezos USD closed at $1.07 (down 3.68%).

Positive performances can be seen by looking at other markets as FTX Token added 9.54% to its value, now trading at $1.36.

Polkadot is now trading 78.72% below the significant high of $27.51 it set around 11 months ago. Polkadot has a market cap of 6.65 billion with an average daily volume of 320.80 million.