The crypto market was hit by a massive bearish tornado. Polkadot [DOT], Avalanche [AVAX], Shiba Inu [SHIB] were among the assets that endured major losses over the last couple of days. Bitcoin [BTC], decided to rest below the $50K zone. During press time, the king coin was trading for $49,178 with a 5% drop over the last 24-hours. Additionally, BTC was no longer part of the $1 trillion club.
The altcoin market didn’t have much luck either. Most of the coins were plummeting. Ethereum [ETH] was trying hard to retain itself above $4K. XRP, however, had taken a hit as it dived down below $1.
Polkadot [DOT] was quite the star a couple of weeks ago, specifically during the parachain auctions. The altcoin even hit an all-time high of $55. This bullish strain was interrupted as the bears emerged stronger in the altcoin’s market.
At the time of writing, DOT was trading for $28.42 with a 4.33% dip in the last 24-hours. Over the previous seven days, Polkadot witnessed a drop of nearly 24%. This wasn’t surprising as the entire market was undergoing a similar notion.
Furthermore, Polkadot went downhill in terms of ranking. The altcoin’s market cap was noted at $28.1 billion. The asset sat as the ninth-largest cryptocurrency, right above Terra [LUNA].
Polkadot [DOT] one-hour price chart on Binance
The short-term price chart of Polkadot was overpowered by the bears. The Parabolic SAR indicator framed dotted lines over the price candles. This line acted as a barricade against any possible upward movement further making the pattern extremely bearish.
The MACD indicator went on to lay out a bearish crossover with the signal line overtaking the MACD line. Consequently, the Relative Strength Index [RSI] stayed below the 50 median further indicating a sellers’ market.
With all these signs bending towards the bears, the chances of DOT crossing $30 would remain bleak for a while.