Polkadot (DOT) has seen a significant drop of over 16% in the past week, falling to just $4. This sharp decline wiped out all gains made after the Federal Reserve's interest rate cut, adding to the challenges of an already tense market environment.
Currently, the $DOT price is a far cry from its $10+ levels back in March. The geopolitical tensions in the Middle East have rattled the broader crypto market, and Polkadot has felt the pressure.
đ Technical Overview:
đŽRSI: At 38, showing DOT nearing oversold territory.
đŽMACD: Bearish momentum persists.
đŽAwesome Oscillator: Continues to signal downward pressure.
Despite the negative sentiment, there's increased trading volume and speculation that Polkadot may rebound. The networkâs recent activities, including token airdrops and new partnerships for decentralized apps, show that long-term interest in Polkadot remains strong.
In the short term, though, market conditions will depend heavily on how the geopolitical situation unfolds.
#DOT #Polkadot
