Cryptocurrency

Polkadot, NEAR, and Algorand Price Analysis: 16 May

The crypto market abstained from flashing excessive volatility over the past 24 hours. But with the crypto fear and greed index nonetheless hovering within the ‘extreme fear’ zone, the near-term technicals of Polkadot, NEAR, and Algorand have been within the neutral-bearish vary. 

Despite an uptick within the costs of those altcoins after rising from their file lows on 12 May, they lacked strong shopping for volumes.  

Polkadot (DOT)

Source: TradingView, DOT/USDT

After compressing within the $23.1 and $14.4 vary for over three months, DOT bears lastly snapped the nine-month ground at $14.4. The broader sentiment pulled the altcoin market all the best way all the way down to its multi-monthly/yearly lows.

Taking a view of the short-term value actions, the bearish pull from the $14.4-level led the alt to lose greater than 48% of its worth. As a outcome, the altcoin tumbled to its 16-month low on 12 May. The $8-support propelled a bullish towards the Point of Control (purple). Now, speedy testing assist for the bears stood on the $9.83-level.

At press time, DOT was buying and selling at $10.71. The RSI has been gliding close to its mid-line whereas taking a impartial stance within the four-hour timeframe. Any shut under the 44-mark might be detrimental to the short-term restoration prospects.

Near Protocol (NEAR)

1652707578 59 Polkadot NEAR and Algorand Price Analysis 16 May

Source: TradingView, NEAR/USDT

As the continuing narrative for NEAR visibly skewed in favor of bears, the sellers discovered more energizing grounds to relaxation on over the previous couple of weeks. After dropping in direction of its eight-month baseline on the $5.7-level, NEAR bulls compelled an upswing that the sellers lastly negated within the 23.6% Fibonacci resistance.

With the bears retaining a daily test on the alt’s peaks and lows, NEAR misplaced almost half its worth after reversing from its 61.8% degree and dropping towards its 35-week low on 12 May. With a visual promoting edge within the present market, consumers discovered it difficult to uphold the worth above 20 EMA (purple).

At press time, NEAR was buying and selling at $6.711. Resonating with different alts, NEAR’s RSI noticed slight enhancements after bouncing again from the 35-mark. But its south-looking tendencies may trigger an undesired delay within the revival course of. Nevertheless, the CMF would affirm a bullish divergence if it bounces again from its trendline assist.

Algorand (ALGO)

1652707578 733 Polkadot NEAR and Algorand Price Analysis 16 May

Source: TradingView, ALGO/USD

As the bears avoided giving up their benefit, Algorand (ALGO) was on the again foot for the previous couple of months. After dropping from the 38.2% Fibonacci hurdle, the altcoin swooped all the way down to register a 56.9% decline towards its 15-month low on 12 May.

Over the previous couple of days, the current restoration transposed right into a bearish pennant sample on the four-hour timeframe. Any shut under the decrease trendline of the pennant may trace at an prolonged bear run towards the $0.38-$0.4 vary. At press time, ALGO traded at $0.448, down by 3.03% within the final 24 hours.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button