Polkadot is consolidating around the $6.48 level after dropping $0.655 at the start of the trading session.
Polkadot made an initial break below its 10 day Simple Moving Average at $6.64, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $6.48 currently serving as support. If price action breaks below, the next Fib hurdle is $6.33. Polkadot’s upper Bollinger Band® is at $7.21 which indicates a further downward move may follow. Polkadot fell below the $6.71 support zone and moved 22 cents beyond it; the next level of support with significant buyer interest is estimated at $6.29.
Overall, the technical analysis landscape suggests that on the balance of probability, Polkadot is expected to maintain its bearish bias.
In the meantime, negative performances are also seen in other markets, after ending today’s session at $22.07, FTX Token lost $7.41 and is trading around $14.67. After ending today’s session at $0.112, Dogecoin lost $0.014 and is trading around $0.098. After ending today’s session at $20,620, Bitcoin lost $1,243 and is trading around $19,377.
Approximately a year ago, Polkadot reached a significant high of $53.35 but has struggled to hold onto its gains and declined 86.62% since then. Polkadot is currently trading with a market cap of 7.35 billion with an average daily volume of 46.44 million.