{"id":17031,"date":"2022-05-17T07:18:16","date_gmt":"2022-05-17T07:18:16","guid":{"rendered":"https:\/\/egrowonline.com\/?p=17031"},"modified":"2022-05-17T07:18:16","modified_gmt":"2022-05-17T07:18:16","slug":"polkadot-near-and-algorand-price-analysis-16-may","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=17031","title":{"rendered":"Polkadot, NEAR, and Algorand Price Analysis: 16 May"},"content":{"rendered":"


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The crypto market abstained from flashing high volatility over the last 24 hours. But with the crypto fear and greed index<\/a> still hovering in the \u2018extreme fear\u2019 zone, the near-term technicals of Polkadot, NEAR, and Algorand were in the neutral-bearish range.\u00a0<\/span><\/p>\n

Despite an uptick in the prices of these altcoins after rising from their record lows on 12 May, they lacked robust buying volumes.\u00a0\u00a0<\/span><\/p>\n

Polkadot (DOT)<\/span><\/strong><\/h4>\n
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Source: TradingView, DOT\/USDT<\/p>\n<\/div>\n

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.<\/span><\/p>\n

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 <\/span>Point of Control<\/span><\/strong>\u00a0(red). Now, immediate testing support for the bears stood at the $9.83-level.<\/span><\/p>\n

At press time, DOT was trading at $10.71. The <\/span>RSI<\/span><\/strong> 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.<\/span><\/p>\n

Near Protocol (NEAR)<\/span><\/strong><\/h4>\n
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Source: TradingView, NEAR\/USDT<\/p>\n<\/div>\n

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.<\/span><\/p>\n

With the bears keeping a regular check on the alt\u2019s 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 <\/span>20 EMA<\/span><\/strong>\u00a0(red).<\/span><\/p>\n

At press time, NEAR was trading at $6.711. Resonating with other alts, NEAR\u2019s <\/span>RSI\u00a0<\/span><\/strong>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 <\/span>CMF<\/span><\/strong>\u00a0would affirm a bullish divergence if it bounces back from its trendline support.<\/span><\/p>\n

Algorand (ALGO)<\/span><\/strong><\/h4>\n
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Source: TradingView, ALGO\/USD<\/p>\n<\/div>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 \u2018extreme fear\u2019 zone, the near-term technicals of Polkadot, NEAR, and Algorand were in the neutral-bearish range.\u00a0 Despite an uptick in the prices of these altcoins after rising from their record […]<\/p>\n","protected":false},"author":1,"featured_media":17032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[42],"tags":[529,14,269,195],"class_list":["post-17031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","tag-algorand","tag-analysis","tag-polkadot","tag-price"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/05\/Untitled-design-42-1000x600.png","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17031"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17031\/revisions"}],"predecessor-version":[{"id":17033,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17031\/revisions\/17033"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/17032"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17031"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}