Polkadot stumbles $0.064 following previous session close at $4.56

Slightly weaker but mostly flat: Polkadot is currently trading at $4.5 as it maintains an active range between $4.5 and $4.61.

Polkadot pushed below the $4.54 support level and extended 4 cents beyond it. Polkadot made an initial break below its 5 day Simple Moving Average at $4.58, a possible indication of a forthcoming negative trend. In contrast, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Polkadot's case, the RSI has fallen below 30, indicating the asset is oversold. Bollinger Bands® shows an indication of recovery: the lower band is at $4.3, a low enough level to, generally, suggest that Polkadot is trading below its fair value.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Polkadot.

In the meantime, negative performances are also seen in other markets, Cardano closed at $0.259 (down 1.63%).

Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36. TRON rises 0.99% to trade around $0.072.

Polkadot reached a significant high of $9.52 around 10 months ago but has lost 52.08% since then. Polkadot is currently trading with a market cap of 5.38 billion with an average daily volume of 116 million.