Polkadot (DOT) has plummeted nearly 10% in the past 24 hours, making it one of the largest decliners among the top 20 cryptocurrencies by market capitalization.
At the same time, trading volume surged significantly by 15% during the decline, and bearish sentiment quickly intensified.
Santiment data indicates a sharp decline in DOT's social dominance, with market discussions and investor sentiment being extremely low.
Hyblock Capital data shows that the selling volume of DOT has risen multiple times in the past 24 hours, reflecting a lack of short-term confidence in the market.
Coinglass observed that DOT's funding rate has continued to decline, with bearish sentiment prevailing, increasing downward pressure.
The RSI indicator has significantly decreased, selling pressure has increased, and the lower Bollinger Band support level has become the last psychological defense.
Short-term support
If DOT can stop falling near the Bollinger Band 20-day moving average support level, there might be a chance for a rebound.
Artemis data shows that DOT's daily active addresses and on-chain transaction volume continue to shrink, and the decline in blockchain activity may hinder a rebound in the long run.
So, does DOT still have a chance?
