After closing the previous trading day at $5.59, Polkadot tested the upside around $5.73 today before settling back around $5.58 as bullish sentiment faded.
Polkadot made an initial break below its 3 day Simple Moving Average at $5.57, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $5.77, suggesting that a downward move may follow. In contrast, Polkadot is approaching key support, around 15 cents away from $5.43. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Polkadot is positioned for a downward move in the near term.
Other markets show mixed performance as Litecoin is up 6.46%. Having closed the previous session at $111, Bitcoin Cash is up 2.74% today to currently trade at around $114.05. Dogecoin closed at $0.103 (down 1.09%).
11 months ago Polkadot reached a significant high of $31.33 but has consequently lost 82.16% since then. Polkadot is currently trading with a market cap of 6.37 billion with an average daily volume of 27.27 million.