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April 23, 2023
Polkadot slides down from $5.95 to $5.86 today, losing $0.093 (1.57%).
Polkadot made an initial break below its 200 day Simple Moving Average at $5.93, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $5.86 currently serving as support. If price action breaks below, the next Fib hurdle is $5.68. In contrast, Polkadot could begin to recover as it approaches significant support, now 1 cents away from $5.85. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $5.69, a low enough level to, generally, suggest that Polkadot is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Polkadot.
In the meantime, negative performances are also seen in other markets, Dogecoin closed at $0.078 (down 2.74%). Ripple is trading around $0.461 (down $0.011).
Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.
Since its 52-week high of $18.73, Polkadot has lost 68.3% over the last twelve months. Polkadot has a market cap of 6.98 billion with an average daily volume of 198.78 million.
