Polkadot price falls below key support levels

Polkadot (DOT) is experiencing a bearish trend, trading near $0.94. The asset has seen a 20.7 percent decline over the last 30 days and is currently positioned below its 20, 50, and 200-period moving averages.

Market data indicates that while approximately 70 percent of accounts on OKX hold long positions betting on a price increase, the funding rate for perpetual contracts has turned negative. This suggests that the weight of these long positions is pushing the contract price below the spot price.

Technical indicators show the RSI at 36.9, which is not yet in oversold territory, while the MACD histogram remains negative but is narrowing. A daily close below the $0.9417 support level could lead to further declines toward $0.9383 or $0.9054. The broader cryptocurrency market is also facing downward pressure, with the total market capitalization decreasing by 2.78 percent.