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July 03, 2023
Struggling to find upward momentum, Polkadot has shed $0.056 to currently trade at $5.44 as it ranges between $5.41 and $5.62 so far today.
Trend-focused traders would be interested to note that investors are seeking long positions as Polkadot price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Polkadot's upper Bollinger Band® is at $5.6 which indicates a further downward move may follow. Technical analysis of Polkadot's past price action reveals multiple support and resistance levels: Polkadot could begin to recover as it approaches significant support, now 16 cents away from $5.28. Dipping below could be an indication that further losses are ahead.
Overall, while Polkadot has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
In the meantime, negative performances are also seen in other markets, Litecoin is down to $106.2, losing $6.88, after closing at $113.08 in the preceding trading session. Bitcoin Cash is down $12.48 from the beginning of the session and now trades around $286.21.
Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.
Polkadot has fallen back around 42.3% over the past 10 months, from a notable high of $9.52. Polkadot has a market cap of 6.53 billion with an average daily volume of 140 million.
