Polkadot trades at $5.74 after gaining $0.353 (6.55%).
Polkadot chart analysis: although Polkadot is appreciating today after rising as high as $5.8, price action is now slowing and consolidating around 63 cents below the $6.37 resistance level. Trend-focused traders would be interested to note that 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. Analysis based on the asset volatility indicates that Polkadot's lower Bollinger Band® is at $5.68, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Polkadot is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as FTX Token is up 25.28%. Dogecoin jumps 13.75% to trade around $0.084. Ethereum is up 10.18%.
Polkadot reached a significant high of $50.78 around 1 year, 1 day ago but has lost 89.39% since then. Polkadot is currently trading with a market cap of 6.51 billion with an average daily volume of 51.44 million.