Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $5.25 to $5.28 range

Polkadot slides down from $5.28 to $5.27 today, losing $0.014 (0.26%).

Polkadot made an initial break below its 3 day Simple Moving Average at $5.26, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $5.49, suggesting that a downward move may follow. On the other hand, note that Polkadot is approaching key support, around 5 cents away from $5.22. 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.

Other markets show mixed performance as FTX Token is up 9.54%. TRON added 0.75% to its value, now trading at $0.084. Having closed the previous session at $6.37, UNICORN Token USD is up 1.62% today to currently trade at around $6.47.

Polkadot is now trading 44.56% below the significant high of $9.52 it set around 9 months ago. Polkadot is currently trading with a market cap of 6.27 billion with an average daily volume of 98 million.