Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $5.9 to $6 range

Without a clear-cut direction, Polkadot is trading around $5.93 and ranging between $5.9 and $6.

Polkadot made an initial breakout above its 3 day Simple Moving Average at $5.97, a potential indicator of a newly emerging bullish phase. Polkadot's upper Bollinger Band® is at $7.65 and the lower is $5.6. Polkadot is approaching key support, around 4 cents away from $5.9. 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.

Although price action remains in a stalemate, technical analysis suggests Polkadot could be primed for a break to the upside.

Other markets show mixed performance as FTX Token surges 9.54% to trade around $1.36. EOS decreases 1.67% to trade around $1.19. MaticNetwork USD climbs 2.68% to trade around $1.16.

Approximately 11 months ago, Polkadot reached a significant high of $27.51 but has struggled to hold onto its gains and declined 78.46% since then. Polkadot is currently trading with a market cap of 6.90 billion with an average daily volume of 320.97 million.