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June 07, 2023Polkadot is grinding lower from $5.2 to $5.06, shedding $0.134 (2.57%) today.
Polkadot made an initial break below its 3 day Simple Moving Average at $5.15, a possible indication of a forthcoming negative trend. A crossing of the lower Bollinger Band® at $5.08 suggests further losses may follow for Polkadot. In contrast, Polkadot could begin to recover as it approaches significant support, now 2 cents away from $5.09. Dipping below could be an indication that further losses are ahead.
According to technical analysis, Polkadot is primed to ebb lower in the short term after today's declines added further bearish momentum for the Polkadot.
In the meantime, negative performances are also seen in other markets, Binance Coin is down $21.39 from the beginning of the session and now trades around $259.61. Cardano dips 6.36% to trade around $0.33.
Other assets are showing positive performances as FTX Token is up 9.54% to $1.36.
Over the past 9 months, Polkadot has retreated 45.44% from a noteworthy peak of $9.52. Polkadot has a market cap of 6 billion with an average daily volume of 102.30 million.
