After closing at $5.49 today, Polkadot opened today at $5.49, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Polkadot retains a distinct $5.44 to $5.51 daily range.
Polkadot made an initial break below its 21 day Simple Moving Average at $5.45, a possible indication of a forthcoming negative trend. A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. Polkadot's upper Bollinger Band® is at $5.72 which indicates a further downward move may follow. Despite this, Polkadot could begin to recover as it approaches significant support, now 10 cents away from $5.37. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Polkadot to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Polkadot is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Dogecoin closed at $0.1 (down 2.89%). Litecoin closed at $78.17 (down 2.56%).
Positive performances can be seen by looking at other markets as EOS added 2.04% to its value, now trading at $0.95.
Polkadot reached a significant high of $31.33 around 11 months ago but has lost 82.48% since then. Polkadot has a market cap of 6.25 billion with an average daily volume of 26.30 million.