Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $5.62 to $5.65 range

Without a clear-cut direction, Polkadot is trading around $5.63 and ranging between $5.62 and $5.65.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Polkadot's upper Bollinger Band® is at $6.12, suggesting that a downward move may follow. In contrast, Polkadot is approaching key support, around 3 cents away from $5.6. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests Polkadot is positioned for a downward move in the near term.

While Polkadot is pretty flat so far today, mixed performances are seen elsewhere as FTX Token surges 9.54% to trade around $1.36. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.

Polkadot has fallen back around 57.61% from the significant high of $13.25 set a year ago. Polkadot has a market cap of 6.65 billion with an average daily volume of 154.69 million.