Polkadot (DOT) is currently priced at $1.97, reflecting a 24-hour decline of 2.36%. The daily trading range is narrow, with a high of $2.09 and a low of $1.95, indicating limited volatility in the short term.

The trading volume stands at approximately $227.55 million, with a volume-to-market cap ratio of 7.02%. This suggests relatively low market activity compared to the overall market cap, which could indicate waning interest among investors.

Technical indicators show that the short-term moving averages (8 SMA, 13 SMA, and 21 SMA) are all positioned above the current price, signaling bearish momentum. The longer moving averages (55 SMA and 144 SMA) confirm a downward trend, with the price below these averages by 6.82% and 7.75%, respectively.

The 1-hour Relative Strength Index (RSI) is at 28, indicating that DOT is in oversold territory, which may present a potential buying opportunity for short-term traders. However, the 7-day RSI of 46 shows a lack of strong upward momentum, further emphasizing the bearish sentiment in the medium term.

From a fundamental perspective, the price has seen significant declines over the past month, with a 30-day change of -32.26%. This downtrend raises concerns about long-term investor confidence, particularly given that DOT is trading far below its all-time high of $54.98 from November 2021.

Given the current bearish market conditions and the technical indicators suggesting continued downward pressure, the recommendation for Polkadot (DOT) is a Sell. The combination of oversold conditions does not outweigh the overall negative trend and lack of positive momentum, indicating that it may be prudent to exit positions until clearer bullish signals emerge.