The bitcoin market has been relatively calm over the last 24 hours. Algorand, NEAR, and Polkadot’s short-term technical indicators are staying within neutral-bearish ranges. This is despite the fact that the cryptocurrency fear & greed index is still in the high fear region. Despite the fact that these alternative cryptocurrencies have been on the rise since hitting record lows on May 12, there has not been a significant amount of buying volume.
After the alternative token remained confined between the $23.1 – $14.4 band for approximately three months, Polkadot bears finally broke through the nine-month floor of $14.4. Alts fell to multi-year/monthly lows as the market’s pessimistic attitude weighed heavily on them.
When looking at the market action in the short term, bearish price movements beginning at $14.4 caused a value drop for the token that was greater than 48 percent. As a result, DOT fell to explore 16-month lows on May 12 after the news. In the meantime, bullish advances were spurred to the POC by the support at $8. (Point of Control). For the time being, $9.83 is the closest testing support that bears have.
As I was writing this material, the price of Polkadot on the market was $10.71. On the four-hour time frame, the Relative Strength index moved sideways with a neutral leaning toward the midline. It’s possible that the near-term recovery estimates will take a hit if the market closes below 44.
Close to Protocol (NEAR)
The most recent iteration of the NEAR thesis blatantly supported bears as sellers established fresh resting levels throughout the past couple of weeks. Following a downward move that brought the token closer to its 8-month baseline price of $5.7, Near Protocol’s bulls powered an upward surge. At the 23.6 percent FIB barrier, however, sellers were able to halt the upward momentum.
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Following price reversals from the 61.8 percent zone and a plunge to new 35-week lows on May 12, the alternative currency lost about half of its value, giving bearish control of NEAR’s lows and peaks in the process. For the time being, selling is the activity that dominates the market. The result of this was that purchasers struggled to keep prices above the 20-year exponential moving average.
At the time of this publishing, the price of NEAR stock was $6.711. After climbing back up from 35, the token’s Relative Strength Index (RSI) had a momentary uptick in performance. However, the competitive advantage in sales could result in delays that are not desirable in this resurgence. After bouncing back from the support provided by its trend line, the Chaikin Monet Flow would then authorize a bullish divergence in the market.
As bears strengthened their positions, the Algorand market continued its downward trend during the past couple of months. The alternative cryptocurrency had a decline of 56.9 percent and hit 15-month lows on May 12 as a result of a loss of strength at the FIB hurdle of 38.2 percent. Over the course of the last few days, the 4-hour chart has been displaying a bearish pennant configuration, which indicates that the most recent recovery has failed.
A prolonged negative run could be signaled if the price of ALGO closes below the pennant’s lower trend line, which would take the stock closer to the range of $0.38 to $0.4. At the time of this publishing, Algorand was trading close to $0.448 despite a loss of 3.04 percent over the previous twenty-four hours.