Struggling to find upward momentum, Polkadot has shed $0.021 to currently trade at $5.81 as it ranges between $5.78 and $5.84 so far today.
Technical chart analysis shows Polkadot could begin to recover as it approaches significant support, now 2 cents away from $5.8. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $5.81, a low enough level to, generally, suggest that Polkadot is trading below its fair value.
All in all, the technical analysis suggests Polkadot has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Ripple is trading around $0.459 (down $0.003).
Polkadot is now trading 89.17% below the significant high of $53.88 it set around 11 months ago. Polkadot has a market cap of 6.56 billion with an average daily volume of 27.80 million.