Polkadot, Algorand, NEAR Price Analysis – May 16, 2022
The past 24hr saw the cryptocurrency market abstaining from massive volatility. However, the cryptocurrency fear & greed index remaining within the extreme fear territory has Algorand, NEAR, and Polkadot’s short-term technical maintaining neutral-bearish ranges. Though these alts saw upswings from their May 12 record lows, they lacked massive buying volumes.
Polkadot (DOT)
Polkadot bears finally hit the 9-month floor of $14.4 after the alternative token stayed compressed within the $23.1 – $14.4 range for around three months. The bearish sentiment in the overall market dragged the alt towards its multi-yearly/monthly lows.
Considering the near-term price actions, bearish movements from $14.4 triggered an over 48% value decline for the token. That saw DOT tumbling to explore 16-month lows on May 12. Meanwhile, the support at $8 propelled bullish moves to the POC (Point of Control). For now, bears have their nearest testing support at $9.83.
While writing this content, Polkadot traded at $10.71. The Relative Strength index glided around the midline with a neutral bias on the 4hr timeframe. A closing under 44 might be harmful to the near-term recovery projections.
Near Protocol (NEAR)
The current NEAR thesis visibly favored bears as sellers secured new resting levels within the past couple of weeks. Near Protocol’s bulls propelled an upward move after the token crashed towards the 8-month baseline near $5.7. However, sellers negated the upside at the 23.6% FIB resistance.
With bears controlling NEAR’s lows and peaks, the alt surrendered about 50% of its price following reversals from the 61.8% zone and crashing to 35-week lows on May 12. For now, selling dominates the marketplace. That saw buyers struggling to keep the prices beyond the 20 Exponential Moving Average.
NEAR traded at $6.711 at this publication. The token’s Relative Strength Index witnessed a brief improvement following a rebound from 35. However, the selling edge might translate to undesired delays in this revival. However, the Chaikin Monet Flow would authorize a bullish divergence after rebounding from its trend-line support.
Algorand (ALGO)
Algorand remained downside over the past couple of months as bears cemented their positions. Losing strength at the 38.2% FIB hurdle saw the altcoin plummeting by 56.9% to hit 15-month lows on May 12. The past few days saw the latest recovery transposing into a pessimistic pennant setup on the 4hr chart.
Closing under the pennant’s lower trend-line might highlight a stretched bearish run, taking ALGO towards the range at $0.38 – $0.4. Algorand traded near $0.448 at this publication, 3.04% down over the past 24hrs.
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