Polkadot slides down from $6.18 to $6.02 today, losing $0.151 (2.44%).
Despite being in the red so far in the current trading session, Polkadot peaked above its 3 day Simple Moving Average around $6.22 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $5.94, a low enough level to, generally, suggest that Polkadot is trading below its fair value. After reaching the $6.12 support zone, Polkadot bounced and climbed 10 cents above it. In contrast, price action remains constrained around the key Fibonacci level of $6.02 currently serving as support. If price action breaks below, the next Fib hurdle is $5.36.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Polkadot is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, Binance Coin is down to $290.39, losing $22.06, after closing at $312.45 in the preceding trading session. MaticNetwork USD is down to $1.17, losing $0.069, after closing at $1.24 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36.
Polkadot has fallen back around 77.55% from the significant high of $27.51 set 10 months ago. Polkadot is currently trading with a market cap of 6.97 billion with an average daily volume of 73.49 million.