Polkadot remains constrained within a $6.2 to $6.29 range and is currently trading around the $6.2 level.
Polkadot made an initial break below its 10 day Simple Moving Average at $6.21, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger band is at $6.53 which indicates a further downward move may follow. In contrast, Polkadot could begin to recover as it approaches significant support, now 6 cents away from $6.14. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Polkadot is likely to continue pointing down in the short term.
In the meantime, negative performances are also seen in other markets, Ripple is down $0.007 from the beginning of the session and now trades around $0.474. FTX Token closed at $23.79 (down 1.49%). Cardano is down to $0.369, losing $0.005, after closing at $0.373 in the preceding trading session.
11 months ago Polkadot reached a significant high of $53.88 but has consequently lost 88.38% since then. Polkadot is currently trading with a market cap of 6.98 billion with an average daily volume of 31.77 million.