Polkadot remains constrained within a $6.34 to $6.46 range and is currently trading around the $6.39 level.
Polkadot made an initial break below its 50 day Simple Moving Average at $6.37, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $6.8 which indicates a further downward move may follow.
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 $0.138 (down 2.31%). Avalanche is down to $18.1, losing $0.536, after closing at $18.63 in the preceding trading session. Ripple closed at $0.458 (down 1.3%).
Approximately 11 months ago, Polkadot reached a significant high of $53.88 but has struggled to hold onto its gains and declined 88% since then. Polkadot has a market cap of 7.23 billion with an average daily volume of 35.79 million.