Polkadot (DOT) is currently trading at $2.27, having experienced a 24-hour change of -3.16%. The price has fluctuated within a daily range of $2.26 to $2.35, indicating a relatively stable trading environment, but the negative change suggests a bearish sentiment in the short term.

The trading volume stands at 165,571,240, with a volume-to-market cap ratio of 4.44%, signaling decent liquidity. Short-term moving averages are predominantly negative, with the 8 SMA at $2.28 down by 0.58% and the 21 SMA at $2.30 down by 1.47%, indicating ongoing downward pressure.

The 1-hour RSI is at 32, suggesting that DOT is nearing oversold conditions, while the 7-day RSI is at 50, reflecting a neutral momentum over the past week. Price changes over the last 7, 14, and 30 days are negative, with declines of 1.70%, 9.88%, and 11.47%, respectively, reinforcing a bearish trend.

Despite the recent downturn, the 144 SMA shows a positive change of 2.15%, hinting at potential support around the $2.22 level. However, the significant distance from the all-time high of $54.98 raises concerns about long-term viability unless substantial catalysts emerge.

Given the current technical indicators and the recent price trends, a cautious approach is warranted. The analysis suggests a "Hold" rating, as while there may be a short-term bounce potential due to oversold conditions, the overall trend remains bearish, and a clearer signal of recovery is needed before considering a buy.