The crypto-verse was seen dealing with a bunch of bears that weren’t willing to leave the market. Polkadot [DOT], Dogecoin [DOGE], XRP, and various assets were seen suffering losses because of this severe bearish momentum.
Polkadot [DOT] entered the crypto-verse just about a year ago. Despite its reasonably late arrival, it managed to garner the attention of investors. The altcoin sprung up into the top ten and managed to surge in terms of price.
At the time of writing, DOT was trading for $12 with a 1.84% fall over the last 24-hours. The altcoin endured a loss of about 22% in the previous seven days. This was relatively high compared to all the other assets in the market. During the recent crypto rally, the altcoin managed to surge to a high of $49 but failed to hit $50.
The market cap of Polkadot was at $11.6 billion. The altcoin was living on the edge as the ninth-largest cryptocurrency. Binance USD [BUSD] wasn’t very far off from taking over DOT’s spot.
Polkadot [DOT] one-hour price chart on Binance
The short-term price chart of DOT in Binance noted the strong presence of the bull. The Bollinger Bands indicator wasn’t working in favor of the altcoin as its bands were converging instead of diverging. This movement further indicated limited volatility. The MACD line took over the signal line affirming the existence of the bull in the market. This bullish crossover wasn’t very favorable, as the indicator mentioned above noted minimal volatility.
The Relative Strength Index [RSI] indicator noted significant selling activity as the RSI marker was below the 50 median.
This positive notion could be great for Polakdot as it was seen slipping multiple times.
Additionally, the overall market sentiment was negative. Bitcoin [BTC] struggled to make it past $32K, and Ethereum [ETH] was undergoing a similar fate as it drowned below the $2K level. Similarly, several other prominent coins were seen going off track and losing out all the accumulated gains.