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May 06, 2023
Polkadot crashes after losing $0.208, breaking down to $5.65.
Polkadot made an initial break below its 10 day Simple Moving Average at $5.81, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $6.21 which indicates a further downward move may follow. Despite this, Polkadot could begin to recover as it approaches significant support, now 8 cents away from $5.57. Dipping below could be an indication that further losses are ahead.
In the short term, Polkadot is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Litecoin is down to $83.59, losing $5.25, after closing at $88.83 in the preceding trading session. After ending today's session at $1,997.67, Ethereum lost $99.67 and is trading around $1,898.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
Polkadot has shed $8.1 points and is languishing 58.03% lower over the past year, leaving its yearly highs around $13.78 in the rear-view mirror. Polkadot has a market cap of 6.67 billion with an average daily volume of 165.35 million.
