Price Analysis Of Polkadot, Shiba Inu, CRV For January 26,2022
Up and down movement in the crypto space has undoubtedly created fear and doubts in the mind of traders and investors alike. Analysing the coins’ price movement using the various indicators has definitely been futile as the market is majorly controlled by the bulls and bears of the market.
Bitcoin being at the oversold zone is looking bullish and may soon experience a spike in price after jumping above its 4-hour 20 SMA a couple of days ago. This therefore puts forth signs of a possible recovery.
With market dominance steeply reducing and currently at 39.56% as of report, the price of the flagship coin bitcoin has had relatively little impact on the prices of other coins and tokens alike. Tokens such as Polka dot(DOT), Shiba Inu, and Curve Dao Token [CRV] has had similar charts movement as bitcoins’ as these coins have risen above their 4-hours SMA
After its impressive move from late 2020 till mid-2021, the very likeable meme coin has been on an extreme dip since then
After maintaining a support level of $0.00003255 for weeks there was a downtrend breakout allowing the meme coin drift way below its 20 SMA. The bulls trying to hold up the price and maybe cause an uptrend were not able to as the huge sell off on the 21st of January caused an additional 39.94% retracement making a total of 15 weeks since the alt coin started its downtrend
Efforts of bulls stepping in created a strong reversal upward. With huge buys stepping in at the $0.00001864 price, it created a symmetrical triangle on its 4hr chart. Current price of shib is $0.00002090 which is right above its 20 SMA.
Polkadot (DOT) Price Analysis
After hitting an ATH of $53+ DOT has seen a very steady dump and is now reclining at $18.43. the coin has been on the decline following the ‘Parent coin’ Bitcoin. After searching for support within the $29 region the massive sell-off that happened on the 5th of January formed a major supply zone encouraging buys for DOT. Intervention of the bears on the market breached the $23.11 mark five month support.
After days of blur predictions as to the exact movement of the coin, the huge sell off on the 21st of January triggered a 38.38% decline allowing the altcoin touch its low therefore amounting a total of 25 weeks of steady declines at 24th of January. The current resistance of the coin is at $18.8 price.
Curve DAO Token (CRV)
After continuous decline from its Point Of Control (POC) the bears influencing the market came in strong and tainted the very important $4.17 spot. This therefore resulted in a total fall of 47.4% therefor making a total of 16 weeks since it began its steep decline.
The price is currently at $3.017 at point of report which is 7.17% up within the last 24hrs. With the bulls successfully placing the price well above the 20 SMA more buys have trooped in.
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