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May 09, 2023
Having ended the last trading session at $5.37, Polkadot dropped to $5.35 today, hitting its lowest point in 8 weeks. Later, it recovered $0.024 and is now trading at $5.37.
With regards to technical trend indicators, chart analysis show 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. Analysis based on the asset volatility indicates that Polkadot's upper Bollinger Band® is at $6.2 and the lower is $5.32. As the day gets underway, chart analysis suggests Polkadot is approaching key support, around 24 cents away from $5.13. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
With market volatility ebbing, the current technical outlook indicates Polkadot will remain range-bound for the immediate future.
While Polkadot is pretty flat so far today, mixed performances are seen elsewhere as FTX Token leaps up 9.54% to trade around $1.36. After ending today's session at $0.428, Ripple lost $0.003 and is trading around $0.425. UNICORN Token USD ascends 1.62% to trade around $6.47.
Having soared to a high of $11.8 approximately 11 months ago, Polkadot is now trading 54.45% lower. Polkadot is currently trading with a market cap of 6.35 billion with an average daily volume of 159 million.
