Polkadot (DOT) is one of the many cryptocurrencies experiencing a bearish market trend, with its price declining in the last 24 hours. The bears have taken control of the market, and the latest technical analysis suggests further downside for the cryptocurrency.
Polkadot’s Price Declines in the Last 24 Hours
According to the latest Polkadot price analysis, the market sentiment for DOT is currently bearish. On April 9th, 2023, the price of DOT started with buying pressure building up in the market. However, the bears quickly took over and pushed the price down to its current level of $6.13, indicating a substantial decline in the last 24 hours.
Technical Analysis Suggests Further Downside for DOT
Looking at the broader trend, the DOTUSDT price has dropped by 2.42% to $6.17 over the last seven days. This is a continuation of the downward trend that has been in place for some time. DOT is currently 88.74% below its all-time high of $54.98, which it achieved in May 2021. Over the last 30 days, DOT has gained 15.09%, but over the 12-month period, it has experienced a decline of 68.01%.
Technical analysis suggests that the downward trend for Polkadot is likely to continue. The price has been consistently trading below its 50-day moving average (MA) for the past several weeks. The 50-day MA is currently at $8.29, which is significantly higher than the current market price of $6.13. This indicates that the bears are in control of the market, and it will take a significant shift in sentiment for the bulls to regain control.
DOT Trades Below 50-Day Moving Average, Indicating Bearish Market Sentiment
In summary, Polkadot (DOT) is currently experiencing a bearish market trend, with the bears in control of the market. The latest technical analysis suggests further downside for DOT, with the price consistently trading below its 50-day moving average. Investors and traders should exercise caution and do their own research before making any investment decisions in the current market climate.