After closing at $6.27 today, Polkadot opened today at $6.27, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Polkadot retains a distinct $6.18 to $6.27 daily range.
Polkadot's upper Bollinger Band® is at $6.78 which indicates a further downward move may follow. In contrast, Polkadot could begin to recover as it approaches significant support, now 8 cents away from $6.12. Dipping below could be an indication that further losses are ahead.
In the short term, Polkadot is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Dogecoin is down to $0.092, losing $0.004, after closing at $0.097 in the preceding trading session. Cardano is down to $0.382, losing $0.008, after closing at $0.391 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
9 months ago Polkadot reached a significant high of $27.51 but has consequently lost 77.2% since then. Polkadot is currently trading with a market cap of 7.18 billion with an average daily volume of 48.50 million.