• Tue. Dec 5th, 2023

The past 48 hours have presented a considerable limitation to the crypto recovery. That had large-cap alternative coins such as Polkadot, Cardano, and Algorand recording double-digit plunges after hitting the 3-week peak on December 27.

As ADA flipped $1.47 support into resistance, DOT and ALGO dropped under their 20-, 50-, and 200-Simple Moving Averages.

Cardano (ADA)

Cardano had oscillated within an ascending wedge after cracking the resistance at $1.47. Also, the alt snapped a long-term trend-line resistance. After that, ADA witnessed an anticipated breakdown from the monthly resistance near $1.58. Meanwhile, the crypto lost around 11.55% over the past two days. That came after Cardano touched a 3-week peak on December 27.

The downfall secured the closest support at $1.39, coinciding with 50 Simple Moving Average and 200SMA. The latest downtrend’s momentum had the OBV noting a sharp drop after a 2-week high.

While publishing this analysis, Cardano trades near $1.408. The Relative Strength Index displayed bearish favoritism after lower lows since last week. Nevertheless, ADA formed higher lows also, translating to a bullish divergence. As Awesome Oscillator reflected bearishness, ADX flashed weak directional bias.

Polkadot (DOT)

Polkadot registered a 40% increase from December 20 lows until poking a 3-week high on December 27. After that, the alt suffered a 14.84% crash, breaching a climbing wedge over the past 48 hours.

As DOT’s price fell under the 20-, 50-, and 200 Simple Moving Average, it secured the closest testing support at $27.6. Nevertheless, the 20 simple Moving Average stayed beyond the 200 Simple Moving Average.

While publishing this analysis, the altcoin hovered around $28.09. The RSI witnessed a sharp fall after poking a 21-weel peak, wavering near 42. The MACD indicated decreased buying strength as it dropped under the equilibrium. Moreover, the falling volume exceeded the rising ones, authorizing a significant sell-off condition.

Algorand (ALGO)

ALGO recorded poor performance after exploring $2.04 on December 2. The alt saw a considerable fall after that, sliding under the $1.84 zone. That resulted in a bearish flag, after which Algorand dipped under $1.39 within a downward channel.

The crypto recorded an almost 35.85% recovery from December 20, touching a 3-week peak on December 27. However, a 14.07% drop followed, taking ALGO beneath $1.58.

While writing this content, Algorand trades at $1.4806. The RSI stayed at 40, following bearish support. Though the new lows, the on-balance volume appeared to secure a massive short-term footing, suggesting buyers’ presence.

Erik Taylor

Erik Taylor

Erik Taylor, contributing author for Big Trends Signals, leverages his vast online trading knowledge to provide thorough guides and impartial reviews, simplifying complex trading concepts for readers.

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