Polkadot (DOT) is currently priced at $3.14, reflecting a 24-hour decline of approximately 2.99%. The asset has exhibited a daily trading range between $3.12 and $3.32, indicating limited volatility in the short term with a volume of 300,209,984, which represents 6.29% of its market cap.

Technical indicators suggest a bearish trend, as the hourly moving averages (SMA) show that the price is below all significant SMA levels. The 1-hour RSI of 24 indicates oversold conditions, while the 7-day RSI at 40 is nearing a critical support zone, hinting at further potential downside if selling pressure continues.

The price has experienced substantial declines over longer periods, with the 7-day change at -24.23%, 14-day at -24.92%, and 30-day at -24.19%. This consistent downtrend suggests weak market sentiment and could discourage potential buyers, making the current price levels less attractive for new positions.

Historically, DOT reached an all-time high of $54.98 in November 2021, but the current price reflects a significant depreciation of over 94%. Given the lack of bullish signals in both the short and medium-term technical indicators, it is crucial to remain cautious about entering a long position at this time.

In summary, the prevailing market conditions and technical indicators suggest further downside risks for Polkadot. Given the current analysis, a Sell rating is recommended, as the asset appears to be in a downtrend with no immediate signs of reversal.