Polkadot (DOT) is currently trading at $2.26, experiencing a slight decline of 0.49% over the last 24 hours. The daily price range has been narrow, with a high of $2.39 and a low of $2.25, indicating limited volatility in the current market environment.

Trading volume stands at approximately 198.27 million DOT, contributing to a market cap volume ratio of 5.36%. This suggests that while trading activity remains active, it is insufficient to drive significant price movements, reflective of a bearish sentiment in the short-term.

Technical indicators show a concerning trend, with hourly moving averages (SMA) indicating resistance levels at $2.29 (8 SMA) and $2.31 (13 SMA), both showing declines of over 1%. The longer-term moving averages (21 SMA at $2.32 and 55 SMA at $2.31) confirm bearish momentum, with the 144 SMA at $2.42 indicating a significant drop of 6.69% from current prices.

The Relative Strength Index (RSI) for the 1-hour period is critically low at 13, suggesting extreme oversold conditions that typically precede a reversal. However, the 7-day RSI at 43 indicates that DOT is not yet in a bullish recovery phase, and recent price changes of -16.76% over the past week and -28.50% over the last 14 days highlight a prevailing downtrend.

The all-time high for DOT is $54.98, achieved in November 2021, which underscores the asset's significant price erosion. Given the current market conditions, including resistance levels, bearish sentiment, and technical indicators, the outlook remains negative.

Based on this analysis, a Sell rating is recommended for DOT. The persistent downtrend, low RSI, and lack of bullish signals suggest that investors should consider exiting positions until a clearer recovery pattern emerges.