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April 17, 2023
Polkadot is consolidating around the $6.67 level after dropping $0.164 at the start of the trading session.
Polkadot made an initial break below its 5 day Simple Moving Average at $6.67, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $6.88 which indicates a further downward move may follow. In contrast, Polkadot could begin to recover as it approaches significant support, now 5 cents away from $6.71. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Polkadot.
In the meantime, negative performances are also seen in other markets, Cardano closed at $0.44 (down 2.49%).
Other assets are showing positive performances as FTX Token is up 9.54%. Dogecoin is up 3.68% to $0.094.
Polkadot has fallen back around 64.56% over the past 11 months, from a notable high of $19.27. Polkadot has a market cap of 7.85 billion with an average daily volume of 177 million.
