Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $5.24 to $5.29 range

After dropping down to $5.24, Polkadot recovers some losses and is currently trading at $5.28.

Polkadot's upper Bollinger Band® is at $5.72, suggesting that a downward move may follow. Despite this, Polkadot is approaching key support, around 3 cents away from $5.25. 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 is up 9.54%. UNICORN Token USD closed at $6.43 (down 2.98%). Litecoin is down to $91.11, losing $1.22, after closing at $92.33 in the preceding trading session.

Polkadot is now trading 25.17% below its 3-month high of $10.52. Polkadot is currently trading with a market cap of 6.27 billion with an average daily volume of 113.65 million.