Tough start for Polkadot this morning following 0.54% decline; now at $6.38

Polkadot drops from $6.41 to $6.38, losing $0.034 (0.54%) today.

Polkadot made an initial break below its 3 day Simple Moving Average at $6.38, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $6.56 which indicates a further downward move may follow. In contrast, Polkadot could begin to recover as it approaches significant support, now 13 cents away from $6.25. 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.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. UNICORN Token USD gained 1.62% and is currently trading at $6.47.

Polkadot has fallen back around 66.73% from the significant high of $19.27 set 11 months ago. Polkadot is currently trading with a market cap of 7.50 billion with an average daily volume of 155.40 million.