Polkadot (DOT) is currently trading at $1.31, reflecting a 4.85% decline over the past 24 hours. The daily price range has been tight, with a high of $1.38 and a low of $1.32, indicating limited volatility in the short term.

Trading volume stands at approximately 81 million DOT, with a volume-to-market cap ratio of 3.69%. This relatively low volume suggests a lack of strong buyer interest, which could further pressure prices if selling continues.

Technical indicators show a bearish trend, with short-term moving averages indicating significant downward momentum; the 8 SMA is at $1.34, down 2.05%, and the 13 SMA is at $1.35, down 2.61%. Additionally, the 1-hour Relative Strength Index (RSI) is at 26, signaling that DOT is in oversold territory, but this could lead to continued downward pressure if no buying interest emerges.

Over the past week, DOT has experienced a price decrease of 2.96%, and over the last 30 days, the decline has been steep at approximately 32.28%. The 7-day RSI of 48 indicates a neutral market stance, but the overall trend remains bearish, and the longer-term outlook appears concerning given the recent price action.

Given the significant price drop from the all-time high of $54.98, reached in November 2021, current valuations may seem attractive for long-term investors; however, near-term momentum is decidedly negative. The technical indicators and price action suggest further downside risk, leading to a cautious market sentiment.

Rating: Sell. The prevailing bearish trend and oversold conditions may provide a temporary bounce, but without strong buying pressure, DOT is likely to continue its downward trajectory in the near term.