The price of $DOT has plummeted!
In just 24 hours, the price of DOT has dropped by 11.62%, now only $6.85 each. The current market capitalization of Polkadot is $10.38 billion, with 1.5 billion DOT tokens in circulation.
Looking at the trading range in the past 24 hours, it fluctuated between $6.72 and $7.84, truly thrilling. The past week has also seen prices oscillating between $6.60 and $7.88.
From a technical perspective, it still looks bearish. Prices are below the 20-day moving average, and the Bollinger Bands indicate downward pressure. The current support level is at $6.50, with resistance at $7.18 and $8.
Examining the Relative Strength Index (RSI), it is only at 41.88, indicating that sellers are currently in control since the RSI is still below the neutral level of 50. If the RSI falls below 30, the selling momentum could become even stronger.
The momentum oscillator is also negative, with a bearish histogram reading of -0.45, suggesting that prices may continue to decline.
Moreover, there have been particularly high liquidations recently, with $1.23 million in long positions being liquidated, while short positions only saw $66,860 liquidated.
This imbalance in liquidations has increased selling pressure. Especially on Binance and Bybit, where the liquidation amounts were notably high, with $342,820 and $503,340 in long positions being closed, respectively.
However, some analysts still have confidence in Polkadot. For instance, Andrew Griffiths mentioned that Polkadot has a long history, is large in scale, and has a market capitalization exceeding $10 billion.
In the medium term, he believes it is possible for DOT to rise to $20. He also stated that DOT is consolidating above the 50-day moving average, and recent tests may indicate future growth.
Market participants are closely monitoring DOT's price movements, particularly the support area at $6.50.
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