Tough start for Polkadot this morning following 1.44% decline; now at $5.12

Polkadot slides down from $5.19 to $5.12 today, losing $0.075 (1.44%).

Polkadot made an initial break below its 50 day Simple Moving Average at $5.1, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $5.27 which indicates a further downward move may follow. In contrast, Polkadot could begin to recover as it approaches significant support, now 11 cents away from $5. Dipping below could be an indication that further losses are ahead.

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, Algorand USD withdraws 3.7% to trade around $0.132. EOS is down $0.017 from the beginning of the session and now trades around $0.705.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.

Polkadot has fallen back around 45.47% over the past 10 months, from a notable high of $9.52. Polkadot has a market cap of 6.16 billion with an average daily volume of 134 million.