Polkadot posts light gains on a low-volatility day, ranging between $5.62 – $5.7 and is now at $5.69.
Polkadot could be slowing down soon; it is getting close to the resistance line and is now at $5.84, only 15 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. 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. Bollinger Band® analysis indicates that current price action is approaching the upper band at $6.2, thereby suggesting that Polkadot is becoming overvalued.
Overall, looking at the technical analysis landscape, it seems Polkadot is likely to reverse course and start pointing down in the short term.
Other markets are also showing gains as FTX Token leaps up 9.54% to trade around $1.36. Solana is up 2.51%.
At the same time, UNICORN Token USD closed at $6.43 (down 2.98%).
Having set a significant high of $13.78 a year ago, Polkadot is trading 58.96% lower. Polkadot has a market cap of 6.72 billion with an average daily volume of 165.35 million.