Polkadot (DOT) is currently priced at $2.31, reflecting a 1.73% increase over the past 24 hours. The price has experienced a daily range of $0.12, oscillating between a high of $2.31 and a low of $2.19, indicating modest volatility in the short term.

The trading volume stands at approximately 182.56 million, contributing to a volume-to-market cap ratio of 4.83%. This suggests moderate interest from traders, yet the overall market sentiment appears cautious, given the notable 7-day price decline of 12.94% and 14-day decline of 25.16%.

Technical indicators reveal mixed signals. The 1-hour Relative Strength Index (RSI) is at 71, indicating a potentially overbought condition, while the 7-day RSI at 42 suggests bearish momentum in the medium term. Additionally, moving averages show a bullish short-term trend, with the 8 SMA and 13 SMA both trending upwards; however, the 144 SMA is declining, reflecting longer-term weakness.

Fundamentally, Polkadot’s performance remains far from its all-time high of $54.98, achieved in November 2021, and the significant price drops over the last month (28.35%) indicate a bearish trend that could be influenced by broader market conditions. Investors should also consider the broader market sentiment and regulatory developments affecting the cryptocurrency space, which can significantly impact DOT’s price.

Given the current analysis, a cautious approach is warranted. The short-term uptrend shown by moving averages contrasts with the bearish medium-term momentum and overbought conditions indicated by the 1-hour RSI. Therefore, the recommendation is to Hold DOT, monitoring for clearer bullish signals or a more favorable risk-reward setup before considering a Buy.