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February 28, 2023
Polkadot is grinding lower from $6.59 to $6.46, shedding $0.128 (1.94%) today.
Polkadot's lower Bollinger Band® is at $5.83, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, Polkadot fell below the $6.52 support zone and moved 6 cents beyond it; the next level of support with significant buyer interest is estimated at $6.5. Price action remains constrained around the key Fibonacci level of $6.43 currently serving as support. If price action breaks below, the next Fib hurdle is $6.1.
Technical analysis indicates that Polkadot (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash is trading around $132.63 (down $2.52).
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36. EOS moves up 2.5% to trade around $1.16.
Polkadot is now trading 76.04% below the significant high of $27.51 it set around 10 months ago. Polkadot has a market cap of 7.51 billion with an average daily volume of 298 million.
