Polkadot is consolidating around the $5.16 level after dropping $0.145 at the start of the trading session.
Technical analysis of Polkadot's past price action reveals multiple support and resistance levels: Polkadot fell below the $5.22 support zone and moved 6 cents beyond it; the next level of support with significant buyer interest is estimated at $5.15. Trend analysis indicates that 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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $5.03, a low enough level to, generally, suggest that Polkadot is trading below its fair value.
All in all, the technical analysis suggests Polkadot has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Binance Coin is trading around $294.44 (down $14.18). Ripple goes down 4.59% to trade around $0.379. Dogecoin is down $0.005 from the beginning of the session and now trades around $0.095.
Polkadot reached a significant high of $37.96 around 11 months ago but has lost 86% since then. Polkadot has a market cap of 5.91 billion with an average daily volume of 45.61 million.