Tentatively higher from an earlier low of $5.11, Polkadot is up to $5.32 today, adding $0.188, or 3.67%, to today's closing price of $5.13.
Polkadot made an initial breakout above its 10 day Simple Moving Average at $5.31, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $5.4 currently serving as resistance Polkadot's lower Bollinger Band® is at $5, indicating that the market is oversold and fertile for new buyers.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Polkadot to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Polkadot is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as Dogecoin gained 7.52% and is currently trading at $0.102. Ethereum is up 4.3% to $1,219.46. Litecoin is up 3.73%.
Approximately 11 months ago, Polkadot reached a significant high of $37.96 but has struggled to hold onto its gains and declined 86.48% since then. Polkadot is currently trading with a market cap of 6 billion with an average daily volume of 43.40 million.