Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $5.24 to $5.32 range

Polkadot recovers back to $5.3 today after dipping down to $5.24, in a session that follows a previous closing value of $5.3.

Polkadot made an initial break below its 5 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 1 cents away from $5.29. 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 rallies 9.54% to trade around $1.36. UNICORN Token USD closed at $6.43 (down 2.98%). Bitcoin Cash closed at $113.75 (down 1.51%).

Having soared to a high of $9.52 approximately 9 months ago, Polkadot is now trading 44.32% lower. Polkadot has a market cap of 6.31 billion with an average daily volume of 94.45 million.