Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $6.11 to $6.23 range

A mostly flat day so far for Polkadot, ranging between $6.11 and $6.23; currently at $6.13.

Polkadot's upper Bollinger Band® is at $6.51, suggesting that a downward move may follow. In contrast, Polkadot made an initial breakout above its 21 day Simple Moving Average at $6.21, a potential indicator of a newly emerging bullish phase. Polkadot is approaching key support, around 4 cents away from $6.09. 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 downside.

While Polkadot is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. Dogecoin ascends 2% to trade around $0.083. Having closed the previous session at $6.37, UNICORN Token USD is up 1.62% today to currently trade at around $6.47.

Polkadot has shed $13.6 points and is languishing 68.9% lower over the past year, leaving its yearly highs around $19.73 in the rear-view mirror. Polkadot has a market cap of 7.21 billion with an average daily volume of 174.15 million.