Polkadot drops from $5.78 to $5.69, losing $0.091 (1.57%) today.
Despite being in the red so far in the current trading session, Polkadot peaked above its 5 day Simple Moving Average around $5.81 — typically an early indicator of a new bullish trend beginning to emerge. Polkadot's lower Bollinger Band® is at $5.29, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Polkadot could begin to recover as it approaches significant support, now 11 cents away from $5.58. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Polkadot —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash descends 2.37% to trade around $117.36. EOS is down to $1, losing $0.034, after closing at $1.03 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token surges 9.54% to trade around $1.36.
Since its 52-week high of $16.31, Polkadot has lost 64.81% over the last twelve months. Polkadot is currently trading with a market cap of 6.72 billion with an average daily volume of 176.96 million.