- A 4% drop has pushed the Polkadot price to $1.32.
- DOT’s momentum is turning bearish on the charts.
Recently, in a new interpretation of crypto assets, the SEC classified DOT as a digital commodity and, under that framework, does not treat DOT itself as a security under the federal securities laws. It now appears alongside BTC, ETH, and other digital commodities.
After a few days, today, on March 26, Polkadot has posted a loss of 4.31% over the last 24 hours. The asset has opened the day trading at a high range of $1.40. With the bearish shift, the DOT price has slipped toward $1.32.
At the time of writing, Polkadot traded within the $1.32 range, with its market cap reaching the $2.21 billion mark. Moreover, the daily trading volume of DOT is resting at around $213.66 million, as per CoinMarketCap.
DOT’s current bearish momentum might provoke the price action to retrace to the crucial support at the $1.27 range. Assuming the asset’s prolonged correction on the downside, the bears would push the death cross to take place and send the price even below $1.22.
On the flip side, if the bullish reversal happens, the price of Polkadot might climb and test the $1.37 resistance level. With the emergence of the golden cross, the upside pressure gains more power and likely triggers the price toward the $1.42 mark or higher.
Polkadot Technical Outlook: Are Bearish Signals Strengthening?
Both the Moving Average Convergence Divergence (MACD) and signal lines are below the zero line, which implies that the DOT market has been under pressure. The price tends to feel heavy, with upward moves not lasting long. Unless momentum starts to shift, it leads to continued weakness.
In addition, the Chaikin Money Flow (CMF) indicator at -0.07 displays mild selling pressure in the Polkadot market. The money flows out more than in, not strong enough, but it does signal a slight weakness in demand, showing sideways movement, unless the outflow starts to increase.
DOT’s daily Relative Strength Index (RSI) found at 26.01 is deep in the oversold zone. Price has been pushed down hard, with sellers dominating. At this level, a relief move can happen, but the overall trend may still stay weak unless momentum shifts.
The Bull Bear Power (BBP) value staying at -0.090 hints at mild bearish dominance. The sellers have a slight edge, pushing the price below its average, but the move is not very strong. Notably, the Polkadot market may continue drifting lower gently.
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