Polkadot trades at $6.7 after gaining $0.275 (4.29%).
Trend-focused traders would be interested to note that Polkadot made an initial breakout above its 10 day Simple Moving Average at $6.43, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $6.48 by around $0.218 with prices hammering out a $6.4 – $6.7 session range. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $6.84, thereby suggesting that Polkadot is becoming overvalued. Technical chart analysis shows Polkadot broke through the $6.55 resistance and climbed above it 15 cents; next resistance level is at $6.67.
Overall, the technical outlook suggests Polkadot is likely to remain muted for the immediate future, with no clear-cut direction.
Polkadot shows positive signs, other assets are also on par: MaticNetwork USD is up 17.75%. Having closed the previous session at $13.51, Cosmos USD is up 8.28% today to currently trade at around $14.63. Having closed the previous session at $329.56, Binance Coin is up 4.83% today to currently trade at around $345.47.
Polkadot reached a significant high of $53.88 around a year ago but has lost 88.08% since then. Polkadot is currently trading with a market cap of 7.59 billion with an average daily volume of 35.98 million.