As the current session draws to a close, Polkadot remains in the $6.65 – $6.83 range after dropping 1.76%.
Polkadot made an initial break below its 5 day Simple Moving Average at $6.67, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $6.89 which indicates a further downward move may follow. On the other hand, note that Polkadot could begin to recover as it approaches significant support, now 9 cents away from $6.62. 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, Algorand USD retreats 5.82% to trade around $0.221. Bitcoin is down $800 from the beginning of the session and now trades around $29,500.
Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36.
Over the past 11 months, Polkadot has retreated 64.56% from a noteworthy peak of $19.27. Polkadot has a market cap of 7.90 billion with an average daily volume of 181.15 million.