Polkadot went up to $6.58 only to drop back to some of the way and is now trading at $6.44.
Polkadot made an initial breakout above its 50 day Simple Moving Average at $6.36, a potential indicator of a newly emerging bullish phase. Crossed the $6.43 Fibonacci level, next level is at $6.64. Polkadot's lower Bollinger Band® is at $5.86, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Polkadot reversed direction at $6.6 resistance zone and retreated back 15 cents below it.
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 FTX Token is up 9.54%. EOS is up 3.84%. Tezos USD ascends 4.39% to trade around $1.19.
Approximately 10 months ago, Polkadot reached a significant high of $27.51 but has struggled to hold onto its gains and declined 76.9% since then. Polkadot has a market cap of 7.49 billion with an average daily volume of 308.32 million.