Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $5.17 to $5.26 range

After dropping down to $5.17, Polkadot recovers some losses and is currently trading at $5.26.

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 $5.53, suggesting that a downward move may follow. Despite this, after reaching the $5.16 support zone, Polkadot bounced and climbed 10 cents above it.

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 having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. After ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43. Cardano closed at $0.358 (down 1.73%).

Polkadot has shed 20.56% over the past three months. Polkadot is currently trading with a market cap of 6.25 billion with an average daily volume of 109.89 million.