Polkadot Falls More Than 4% In 24 hours
Portfolio Pulse from Benzinga Insights
Polkadot's (CRYPTO: DOT) price has decreased by 4.95% in the last 24 hours, reaching $7.11, continuing a negative trend with a 16.0% loss over the past week. The volatility of Polkadot is highlighted by the Bollinger Bands in the provided chart. Trading volume has decreased by 24.0%, while the circulating supply has increased by 0.65%, resulting in a current market cap of $9.36 billion, ranking DOT at #12.
January 09, 2024 | 7:00 pm
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Polkadot (DOT) has seen a significant price drop of 4.95% in the past 24 hours and a 16% decrease over the week, with a decrease in trading volume and a slight increase in circulating supply.
The price of Polkadot has been on a downward trend, which is typically a bearish signal for short-term price movement. The decrease in trading volume could indicate less interest from traders, potentially leading to lower prices. However, the increase in circulating supply could have a dilutive effect on the price. Given the current negative momentum and market conditions described, it is likely that the price may continue to face downward pressure in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100