Polkadot drops 9% on governance uncertainty despite bullish signals
Polkadot (DOT)
Editor:
Eugene Serbin
Tradersunion.com reports that Polkadot (DOT) fell 9.16% as sentiment weakened ahead of Referendum 1944. This governance proposal seeks to introduce dotUSD, a native stablecoin, alongside a liquidity pool funded with $2.5 million each from USDT and DOT. The outcome remained undecided as of October 6, 2023, while developers were invited to engage with the Devnet.
Despite the price drop, DOT remains supported above its key medium- and long-term moving averages. The asset is trading below the 20-day moving average at $1.182 but stays above the 50-day and 200-day levels at $1.033 and $1.057. Technical indicators show persistent short-term bearish pressure, yet momentum metrics like MACD, ADX, and CCI issue Buy signals.
The RSI stands at 58.392, forecasting further buying, while Bull/Bear Power confirms intraday buyer dominance. Immediate resistance is near $1.138, with support located at the Ichimoku Kijun at $1.12. Analysts note that overcoming this resistance is crucial for any near-term recovery. The Stochastic RSI and Awesome Oscillator provide neutral readings amidst the consolidation near daily lows.
How the market reacted
Whalio's own Binance spot order flow for DOT, measured when this story was written up on 7 October 2026. Not the outlet's figures.
Whalio data shows DOT trading at $1.20 with a 1-hour buy ratio of 41.4% and a 4-hour buy ratio of 55.0%. The 24-hour buy ratio sits at 49.8%, indicating that buying pressure is fading compared to the 4-hour timeframe. The 1-hour volume delta is negative at -$82,996, while the 4-hour delta is positive at +$176,694. This divergence suggests that while recent hours saw net selling, the broader four-hour window still reflects net buying. Over the full 24 hours, the volume delta is -$34,052, with a cumulative CVD of -$266,192 at close. Spot volume reached $9,888,961 across 64,488 trades, with net buying occurring in only 13 of the 24 hours.
The latest daily buy ratio of 48.8% sits at the 47th percentile of the last 322 days, against a median of 48.9% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for DOT, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 50.0%, making today's 24-hour ratio of 49.8% nearly identical to the weekly norm. Volume for the day was 0.83x the weekly average, indicating a quieter trading session than usual. Net buying occurred on 4 of the 7 days, with a total volume delta of -$22,455 over the eight-day period. The price changed by only +0.8% over eight days, showing minimal movement compared to today's sharp drop. This suggests that while today was volatile, the broader weekly trend remains relatively stable and ordinary in terms of volume and ratio metrics.