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July 04, 2023After ending today at $5.42, today Polkadot went up to $5.5 before paring back gains and settling around $5.31.
Polkadot made an initial break below its 5 day Simple Moving Average at $5.37, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $5.64 which indicates a further downward move may follow. In contrast, Polkadot could begin to recover as it approaches significant support, now 4 cents away from $5.35. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Polkadot to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Polkadot is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash closed at $277.84 (down 4.33%). After ending today's session at $0.767, EOS lost $0.023 and is trading around $0.744.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Polkadot has fallen back around 43.13% over the past 10 months, from a notable high of $9.52. Polkadot has a market cap of 6.61 billion with an average daily volume of 143.75 million.
