Bearish Polkadot currently $0.025 lower after trading as high as $5.06

Slightly weaker but mostly flat: Polkadot is currently trading at $5 as it maintains an active range between $5 and $5.06.

Polkadot's upper Bollinger Band® is at $5.55 which indicates a further downward move may follow. On the other hand, note that Polkadot reversed direction at $5 support zone and climbed 3 cents above it. Despite being in the red so far in the current trading session, Polkadot peaked above its 3 day Simple Moving Average around $5.03 — typically an early indicator of a new bullish trend beginning to emerge.

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, Cardano dips 5.92% to trade around $0.304. MaticNetwork USD is trading around $0.738 (down $0.044).

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Approximately 9 months ago, Polkadot reached a significant high of $9.52 but has struggled to hold onto its gains and declined 47.25% since then. Polkadot is currently trading with a market cap of 5.96 billion with an average daily volume of 101.98 million.