Polkadot is trading around $5.92, down by $0.049 (0.82%)

Polkadot remains constrained within a $5.92 to $5.97 range and is currently trading around the $5.92 level.

Trend-following investors would be interested to note that Polkadot made an initial break below its 5 day Simple Moving Average at $5.86, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $5.94 currently serving as support. If price action breaks below, the next Fib hurdle is $5.77. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $5.54, a low enough level to, generally, suggest that Polkadot is trading below its fair value. A study of Polkadot's chart reveals various key levels to watch: Polkadot could begin to recover as it approaches significant support, now 4 cents away from $5.88. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates Polkadot will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, after ending today's session at $330.72, Binance Coin lost $5.23 and is trading around $325.49. After ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36.

Polkadot has fallen back around 64.82% from the significant high of $17 set a year ago. Polkadot is currently trading with a market cap of 7 billion with an average daily volume of 180.25 million.