Without a clear-cut direction, Polkadot is trading around $7.07 and ranging between $7.03 and $7.14.
Chart analysis indicates Polkadot is approaching key support, around 15 cents away from $6.92. 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. Technical analysis trend indicators suggest that Polkadot made an initial breakout above its 3 day Simple Moving Average at $7.07, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Polkadot's upper Bollinger Band® is at $7.62, suggesting that a downward move may follow.
With market volatility ebbing, the current technical outlook indicates Polkadot will remain range-bound for the immediate future.
While Polkadot is pretty flat so far today, mixed performances are seen elsewhere as FTX Token leaps up 9.54% to trade around $1.36. After ending today's session at $1.34, Tezos USD lost $0.024 and is trading around $1.32. Chainlink USD is up 1.91% to $8.08.
Having soared to a high of $27.51 approximately 10 months ago, Polkadot is now trading 74.25% lower. Polkadot has a market cap of 8.20 billion with an average daily volume of 257.21 million.