Trading lower, Polkadot is currently down $0.022 as it ranges between $5.83 and $5.91 so far today.
Trend-focused traders would be interested to note that Polkadot made an initial break below its 3 day Simple Moving Average at $5.87, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $5.86 currently serving as support. If price action breaks below, the next Fib hurdle is $5.68. Analysis based on the asset volatility indicates that Polkadot's lower Bollinger Band® is at $5.61, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Chart analysis indicates Polkadot could begin to recover as it approaches significant support, now 4 cents away from $5.83. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Polkadot will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43. MaticNetwork USD descends 2.75% to trade around $0.962.
Other assets are showing positive performances as FTX Token rallies 9.54% to trade around $1.36.
Having set a significant high of $18.23 a year ago, Polkadot is trading 67.68% lower. Polkadot has a market cap of 6.90 billion with an average daily volume of 190.86 million.
