Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $5 to $5.05 range

Polkadot is now trading at $5.02 after tracing out a steady $5 – $5.05 range today.

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 $5.54, suggesting that a downward move may follow. On the other hand, note that Polkadot is approaching key support, around 7 cents away from $4.96. 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. Having closed the previous session at $0.862, EOS is up 2.57% today to currently trade at around $0.884. Having closed the previous session at $259.19, Binance Coin is up 1.83% today to currently trade at around $263.94.

Over the past 9 months, Polkadot has retreated 47.26% from a noteworthy peak of $9.52. Polkadot is currently trading with a market cap of 5.99 billion with an average daily volume of 96.79 million.