Polkadot (DOT) is currently trading at $1.97, experiencing a significant decline of 8.66% over the last 24 hours. The daily trading range has been narrow, with a high of $2.19 and a low of $1.94, indicating consolidation around the current price level.

The volume over the past 24 hours stands at 206,654,144, representing a volume-to-market cap ratio of 6.33%. This relatively low ratio suggests reduced market interest and liquidity, which could further exacerbate price volatility in the short term.

Technical indicators reflect bearish sentiment, particularly with the 1-hour RSI at a deeply oversold level of 24. In contrast, the 7-day RSI at 48 indicates a neutral stance, suggesting that while short-term pressures are strong, there may be room for stabilization or recovery in the coming days.

Polkadot has witnessed a negative price trend over the past week and two weeks, with declines of 7.08% and 8.61%, respectively. However, the 30-day price change is positive at 7.37%, highlighting potential support for a longer-term rebound despite recent losses.

Moving averages confirm the bearish outlook, with all key SMAs indicating negative percentages ranging from -8.78% to -9.37%. This alignment suggests that DOT is under pressure and may continue to struggle against upward momentum in the near term.

Considering the current technical indicators, volume metrics, and recent price action, the recommendation is to Hold. This strategy allows for potential recovery as the market stabilizes, particularly if the price manages to break above the immediate resistance around the 8 SMA level of $2.17.