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May 04, 2023Polkadot drops from $5.78 to $5.64, losing $0.144 (2.49%) today.
Despite being in the red so far in the current trading session, Polkadot peaked above its 5 day Simple Moving Average around $5.81 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $5.28, a low enough level to, generally, suggest that Polkadot is trading below its fair value. Polkadot could begin to recover as it approaches significant support, now 5 cents away from $5.58. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that Polkadot (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $1.03, EOS lost $0.034 and is trading around $1. Bitcoin Cash retreats 2.76% to trade around $116.89.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36.
Polkadot is trading 64.81% lower compared to the $16.31 high it reached over the past year. Polkadot is currently trading with a market cap of 6.65 billion with an average daily volume of 176.96 million.
