Polkadot, currently trading at $4.31, is about 92% below the all-time high of $55.00. It is down by 3.03% in the last 24 hours as per data from CoinMarketCap.
The current lows are the biggest downfall for Polkadot since the 13 percent drop on December 16. DOT’s price is more than 86 percent lower than this time in 2021 at the highs of $30.83. The altcoin was expected to see a breakout and rally from the $4.5 support zone. The fresh price slip justifies an extremely bearish position of DOT in the market.
The Polkadot price analysis, according to the 24-hour candlestick chart, forms a descending triangle pattern to move below the earlier support zone at $4.50. Its trading volume surged 52 percent to complement the price dip. This suggests that sellers contributed to the majority of action in the market. DOT also slipped further below the 9 and 21-day moving averages over the past 24 hours, and the crucial 50-day exponential moving average at $4.46.
As for the relative strength index, it is dropping further into the oversold zone at 30.18. This probably shows a severe bearish sentiment for DOT in the market. The relative strength index has to move into a healthier zone above the 45 mark for a breakout to take place.