Analysis
Cardano, Solana, Polkadot Price Analysis: 28 October
Bitcoin and Ethereum visibly displayed signs of revival by noting 4% and 3.8% gains on their daily charts, respectively.
Altcoins like Cardano, Solana, and Polkadot obliged by presenting an easing bearish momentum.
Cardano (ADA)
TradingView, ADA/USDT
Over the month, ADA oscillated laterally and assumed consolidation between $2.086 and $2.298 until it hit its two-week high on 21 October and headed towards the south. Since then, it gradually plunged until it breached the floor price and poked its eleven-week low at $1.804.
Over the last week, ADA bears have visibly shown vigor as it noted a nearly 7% decrease on its charts.
The currency traded at $2.008 at press time. If the ADA bulls successfully exert more pressure, they aim to breach the immediate resistance at $2.086 and look at a new one at $2.298.The Relative Strength Index (RSI) displayed a bearish trendline that resonated with the increased selling power. After plunging to the oversold territory at 21.02 on 28 October, RSI showed signs of revival and possible ease in bearish momentum by heading towards the midline.
Also, MACD histogram flashed shorter light red bars while the Awesome Oscillator displayed green signals, indicating a slight decrease in selling strength.
Solana (SOL)
TradingView, SOL/USD
SOL has projected a bullish momentum since 3 October as it registered a 48% gain on monthly charts. The crypto’s price oscillated in an uptrend marking higher highs and hit its ATH on 25 October at $218.92. Then, it plunged towards the lower trendline and bounced back from it. At press time, the digital currency traded at $196.71 and noted $215.1675 as its resistance point. Key technicals point towards decreasing buying power in the near term.
The RSI stood near the oversold territory on 28 October and witnessed a surge as it headed slightly above the midline. Higher lows marked by the lower trendline with lower lows on the indicator trendline hint towards a possible bullish divergence.
Additionally, MACD Histogram flashed shorter light red bars while the Awesome Oscillator displayed green signals, indicating a decrease in selling strength.
Polkadot (DOT)
TradingView, DOT/USDT
The altcoin traded at $42.52 after noting a nearly 61.67% ROI over the last month. Since the inception of the month, DOT price action has displayed a bullish trajectory by oscillating in an ascending wedge pattern. Also, the salient technical indicators pointed towards decreasing selling strength.
The Relative Strength Index (RSI) stood near the midline after surging by nearly 15 points, indicating increasing buying strength.
Furthermore, the MACD flashed light red bars, and the Awesome Oscillator flashed green signal bars affirming the previous readings.
