Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $5.42 to $5.53 range

Without a clear-cut direction, Polkadot is trading around $5.45 and ranging between $5.42 and $5.53.

Polkadot made an initial break below its 3 day Simple Moving Average at $5.48, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $5.51, suggesting that a downward move may follow. Despite this, Polkadot reversed direction at $5.41 support zone and climbed 3 cents above it.

According to technical indicators, Polkadot is positioned for a downward move in the short 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. Ripple is up 5.15%. UNICORN Token USD closed at $6.43 (down 2.98%).

Polkadot reached a significant high of $10.5 around 11 months ago but has lost 47.96% since then. Polkadot has a market cap of 6.48 billion with an average daily volume of 102.86 million.