Polkadot Price Plummets as Selling Pressure Continues Unabated

Polkadot's price has been stuck at $0.81, and analysts are warning that it may drop further to $0.77 due to a lack of momentum and selling pressure.

The token is currently trading below its moving averages, which indicates a downtrend, not consolidation. The Relative Strength Index (RSI) is in the upper 30s, which can trap retail traders into thinking that the price will bounce back soon.

However, the Bollinger Bands suggest that the price is anchored to the lower band, and the %B reading is barely above 0.13. This means that the token is essentially at its floor value.

The derivatives data shows a contradictory position, with top traders holding a long/short ratio of 2.06, while retail traders are aligned at 62% long. However, aggressive sellers are outpacing aggressive buyers by more than 28 cents on every dollar.