Polkadot price analysis (Bearish) — 3.15 USDT (-22.83% 24h)

DOT is experiencing severe selling pressure with a dramatic 22.8% decline over the past 24 hours, pushing the price to $3.15. The technical picture reveals deeply oversold conditions with RSI at 24.4, suggesting potential for a near-term relief bounce. However, the current price sits well below both the 20-day SMA ($3.49) and 50-day SMA ($3.84), indicating strong bearish momentum. Trading volume remains elevated at over $210 million, confirming institutional participation in this sell-off. Given the extreme oversold readings, aggressive traders might consider scaling into long positions with tight stop-losses below $3.00, while conservative investors should wait for price stabilization above the 20-day SMA before considering entries. The high volatility reading of nearly 11% suggests continued sharp price movements are likely.