Polkadot, Chainlink, Theta Price Analysis: 19 April
The altcoin markets of Polkadot, Chainlink and Theta were also largely hit by the volatility on Sunday. As the coins recovered, the trends have flipped for many alts.
Polkadot market witnessed a peak on 17th April when its price hit $48.55. However, after this, the coin had been witnessing a correction. As the sudden volatility hit DOT market, this correction escalated and the price dropped as low as $32.
The price has been recovering but the overall trend in the market has flipped to a bearish one. At the time of writing, the price breached support at $36.13 and was heading lower. Meanwhile, the digital asset was extremely close to being oversold, as indicated by the relative strength index.
Chainlink market has not been indifferent to the volatility of the market: the above chart noted bursts of volatility. However, the sudden plunge in price pushed LINK from $42 to $29. Given Chainlink’s weak correlation with Bitcoin [BTC], the asset jumped back on its feet and was being traded at $38.
Although the price once again rejected resistance at $41, the market has been taking a bullish turn due to its recovery. The volatility was once again reducing and the signal line was slowly moving under the price bars. However, selling pressure has remained in the market.
Theta broke under its strongest support at $11.69 on Sunday and despite several efforts, could not recover above this price level. At the time of writing, Theta was trading at $11.38 and was indicating a rise in sell-offs.
Bollinger Bands were opening up for more volatility in the market, whereas, signal line was also moving above the price bars. This indicated that the price was on a downtrend. Although MACD suggested a bullish market, MACD line was about to slip under the signal line, showing the bulls exiting the market. The current trend for Theta had turned bearish and may continue till the sell-offs stop.