Mixed sentiment leads Polkadot cryptocurrency to trade sideways; establishes tight $5.94 to $6 range

Without a clear-cut direction, Polkadot is trading around $5.95 and ranging between $5.94 and $6.

Polkadot is approaching key support, around 11 cents away from $5.84. 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. Polkadot made an initial breakout above its 10 day Simple Moving Average at $6, a potential indicator of a newly emerging bullish phase. Polkadot's upper Bollinger Band® is at $7 and the lower is $5.5. On the other hand, note that price action remains constrained around the key Fibonacci level of $5.94 currently serving as support. If price action breaks below, the next Fib hurdle is $5.77.

Despite muted price action in Polkadot, chart analysis indicates it is positioned for a bullish run in the short term.

While Polkadot is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is now trading at $1.36. Having closed the previous session at $0.067, TRON is up 0.64% today to currently trade at around $0.067. UNICORN Token USD improves 1.62% to trade around $6.47.

Polkadot has shed $10.41 points and is languishing 63.64% lower over the past year, leaving its yearly highs around $16.35 in the rear-view mirror. Polkadot has a market cap of 7 billion with an average daily volume of 191.98 million.