Marginally higher but lacking a clear-cut direction, Polkadot is trading at $6.71 after ranging between $6.6 and $6.78 today.
Despite posting gains so far today, Polkadot slid below its 5 day Simple Moving Average at $6.63 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $7.04, thereby suggesting that Polkadot is becoming overvalued. Polkadot could be slowing down soon; it is getting close to the resistance line and is now at $6.86, only 15 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Polkadot is set for a reversal in the coming days.
Polkadot shows positive signs, other assets are also on par: FTX Token is up 9.54%.
Meanwhile, Cosmos USD is down $0.314 from the beginning of the session and now trades around $14.45.
Polkadot has fallen back around 75.84% over the past 10 months, from a notable high of $27.51. Polkadot has a market cap of 7.74 billion with an average daily volume of 50.54 million.