The crypto market was painted in red. Polkadot [DOT] was following the steps of all the other assets and found itself in a slump.
Despite being relatively new, Polkadot emerged as a promising altcoin. Not only did the asset manage to garner a place in the top ten, but it also noted a significant surge in its price. Amidst the crypto rally, DOT rose to a high of $49 but failed to hit $50. The altcoin noticed a drastic drop from this zone down to a low of $14.47 during the time of writing. Over the last 24-hours, DOT dropped by 4.69% and 31% over the previous seven days.
The market cap of Polkadot dipped to $13.80 billion but managed to retain itself in the top ten. At press time, DOT was holding on to the ninth rank. The overall market cap of the crypto-verse mirrored the ongoing market sentiment as it reduced to $1.27 trillion.
Additionally, Bitcoin [BTC] slumped to a low of $30K, while Ethereum [ETH] was noted at $1,800. Furthermore, BTC’s market cap dropped to $592 billion.
Polkadot [DOT] one-day price chart on Binance
The one-day price chart of DOT suggested that the altcoin could be harboring the bear for some more time. The Parabolic SAR indicator formed a long line of dots above the candlesticks. This line diminished the chances of an upward breakout, further making more room for the bear. This was followed by a bearish crossover by the MACD indicator. However, the MACD line remained below the signal line.
The Chaikin Money Flow indicator bid adieu to the bull earlier this week and dropped down to the bearish realm.
A sellers’ sentiment had struck the crypto-verse, and the DOT market echoed a similar notion. As a result, the Relative Strength Index indicator remained below the 50 median, noting increased selling activity in the Polkadot market. Furthermore, the volume in the one-day chart of DOT was relatively low.