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June 11, 2023
Polkadot falls to $4.51, following mixed behavior today as it ranges between $4.44 and $4.55.
As the trading day comes to an end, chart analysis indicates Polkadot could begin to recover as it approaches significant support, now 4 cents away from $4.47. Dipping below could be an indication that further losses are ahead. 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. Momentum evaluation shows that the Relative Strength Index indicates Polkadot is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Polkadot's lower Bollinger Band® is at $4.46, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Polkadot will remain range-bound for the immediate future.
Other assets are showing positive performances as FTX Token surges 9.54% to trade around $1.36. Ripple added 2.29% to its value, now trading at $0.519. MaticNetwork USD is up 3.6%.
10 months ago Polkadot reached a significant high of $9.52 but has consequently lost 52.51% since then. Polkadot has a market cap of 5.38 billion with an average daily volume of 113 million.
