Polkadot, NEAR, and Algorand Price Analysis: 16 May
The crypto market abstained from flashing high volatility over the last 24 hours. But with the crypto fear and greed index still hovering in the ‘extreme fear’ zone, the near-term technicals of Polkadot, NEAR, and Algorand were in the neutral-bearish range.
Despite an uptick in the prices of these altcoins after rising from their record lows on 12 May, they lacked robust buying volumes.
After compressing in the $23.1 and $14.4 range for over three months, DOT bears finally snapped the nine-month floor at $14.4. The broader sentiment pulled the altcoin market all the way down to its multi-monthly/yearly lows.
Taking a view of the short-term price movements, the bearish pull from the $14.4-level led the alt to lose more than 48% of its value. As a result, the altcoin tumbled to its 16-month low on 12 May. The $8-support propelled a bullish toward the Point of Control (red). Now, immediate testing support for the bears stood at the $9.83-level.
At press time, DOT was trading at $10.71. The RSI has been gliding near its mid-line while taking a neutral stance in the four-hour timeframe. Any close below the 44-mark could be detrimental to the short-term recovery prospects.
Near Protocol (NEAR)
As the ongoing narrative for NEAR visibly skewed in favor of bears, the sellers found fresher grounds to rest on over the last few weeks. After dropping towards its eight-month baseline at the $5.7-level, NEAR bulls forced an upswing that the sellers finally negated in the 23.6% Fibonacci resistance.
With the bears keeping a regular check on the alt’s peaks and lows, NEAR lost nearly half its value after reversing from its 61.8% level and dropping toward its 35-week low on 12 May. With a visible selling edge in the current market, buyers found it challenging to uphold the price above 20 EMA (red).
At press time, NEAR was trading at $6.711. Resonating with other alts, NEAR’s RSI saw slight improvements after bouncing back from the 35-mark. But its south-looking tendencies could cause an undesired delay in the revival process. Nevertheless, the CMF would affirm a bullish divergence if it bounces back from its trendline support.
As the bears refrained from giving up their advantage, Algorand (ALGO) was on the back foot for the last few months. After dropping from the 38.2% Fibonacci hurdle, the altcoin swooped down to register a 56.9% decline toward its 15-month low on 12 May.
Over the last few days, the recent recovery transposed into a bearish pennant pattern on the four-hour timeframe. Any close below the lower trendline of the pennant could hint at an extended bear run toward the $0.38-$0.4 range. At press time, ALGO traded at $0.448, down by 3.03% in the last 24 hours.