Polkadot trades at $5.41 after gaining $0.141 (2.69%).
Polkadot made an initial breakout above its 5 day Simple Moving Average at $5.31, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Polkadot is oscillating around the key Fibonacci resistance level of $5.4. Polkadot's lower Bollinger Band® is at $4.82, indicating that the market is oversold and fertile for new buyers. Despite this, Polkadot could be slowing down soon as it approaches resistance at $5.37. Of course, crossing it might suggest further gains are ahead.
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.
Polkadot shows positive signs, other assets are also on par: having closed the previous session at $300.6, Binance Coin is up 4.75% today to currently trade at around $314.86. Having closed the previous session at $74.05, Litecoin is up 5.47% today to currently trade at around $78.09. Having closed the previous session at $0.089, Dogecoin is up 4% today to currently trade at around $0.093.
Since its 52-week high of $38.46, Polkadot has lost 86.3% over the last twelve months. Polkadot is currently trading with a market cap of 6.17 billion with an average daily volume of 49.19 million.