Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $5.32 to $5.38 range

Without a clear-cut direction, Polkadot is trading around $5.35 and ranging between $5.32 and $5.38.

Trend and momentum analysis indicates that Polkadot made an initial breakout above its 21 day Simple Moving Average at $5.34, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Polkadot's upper Bollinger Band® is at $5.5, suggesting that a downward move may follow. Visual analysis of Polkadot's chart shows that Polkadot is approaching key support, around 11 cents away from $5.24. 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.

The current technical outlook indicates Polkadot will continue to ebb sideways within tight ranges for the immediate future.

Other markets show mixed performance as FTX Token is up 9.54%. TRON slips 1.49% to trade around $0.081. Having closed the previous session at $114.92, Bitcoin Cash is up 1.45% today to currently trade at around $116.58.

Polkadot is now trading 43.94% below the significant high of $9.52 it set around 9 months ago. Polkadot is currently trading with a market cap of 6.38 billion with an average daily volume of 97.59 million.