Polkadot drops $0.033 early on and steadies around the $5.14 level.
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. Polkadot's upper Bollinger Band® is at $5.63 which indicates a further downward move may follow. On the other hand, note that after reaching the $5.02 support zone, Polkadot bounced and climbed 12 cents above it.
Looking forward, Polkadot is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, FTX Token is trading around $1.37 (down $0.116). Binance Coin goes down 3.54% to trade around $267.
Other assets are showing positive performances as Bitcoin Cash added 2.46% to its value, now trading at $109.03.
11 months ago Polkadot reached a significant high of $31.33 but has consequently lost 83.47% since then. Polkadot has a market cap of 5.90 billion with an average daily volume of 25.46 million.