Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $5 to $5.03 range

Polkadot trades at $5, after ending today at $5.

Polkadot made an initial break below its 3 day Simple Moving Average at $5, a possible indication of a forthcoming negative trend. Polkadot's upper Bollinger Band® is at $5.21, suggesting that a downward move may follow. On the other hand, note that Polkadot is approaching key support, around 9 cents away from $4.92. 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 surges 9.54% to trade around $1.36. Bitcoin Cash decreases 1.2% to trade around $211.73.

Polkadot has fallen back around 47.35% from the significant high of $9.52 set 10 months ago. Polkadot is currently trading with a market cap of 6 billion with an average daily volume of 124.12 million.