Polkadot slides down from $5.95 to $5.84 today, losing $0.112 (1.88%).
Polkadot made an initial break below its 200 day Simple Moving Average at $5.93, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $5.86 currently serving as support. If price action breaks below, the next Fib hurdle is $5.68. On the other hand, note that Polkadot's lower Bollinger Band® is at $5.69, 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 1 cents away from $5.85. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Polkadot.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.08, Dogecoin lost $0.002 and is trading around $0.078. Bitcoin Cash closed at $118.88 (down 2.7%).
Other assets are showing positive performances as FTX Token surges 9.54% to trade around $1.36.
Polkadot is trading 68.3% lower compared to the $18.73 high it reached over the past year. Polkadot has a market cap of 6.87 billion with an average daily volume of 198.78 million.
