The crypto market has abstained from flashy high volatility for the past 24 hours. But with the crypto fear and greed index still hovering in the “extreme fear” zone, the short-term technical data of Polkadot, NEAR and Algorand was in the neutral-bearish range.

Despite a surge in the prices of these altcoins after rising from their record lows on May 12, they lacked robust buying volumes.

Polka Dot (DOT)

Source: TradingView, DOT/USDT

After compressing in the $23.1 and $14.4 ranges for over three months, DOT bears finally broke the nine-month low at $14.4. Broader sentiment pushed the altcoin market all the way to its multi-month/year lows.

Given 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 plunged to its 16-month low on May 12. The $8 support propelled a bullish towards the Checkpoint (red). Now the immediate test support for the bears was at the $9.83 level.

At the time of writing, DOT was trading at $10.71. The RSI has slid near the midline while assuming a neutral stance in the span of four hours. Any close below 44 could hurt the near-term recovery outlook.

Near protocol (NEAR)

Source: TradingView, NEAR/USDT

While the ongoing narrative for NEAR was visibly skewed in favor of bears, sellers have found fresher ground to rest on in recent weeks. After falling towards the eight-month baseline at the $5.7 level, NEAR bulls forced a rebound that sellers eventually nullified in the 23.6% Fibonacci resistance.

While the bears monitored the alt’s highs and lows on a regular basis, NEAR lost nearly half its value after it bounced back from the 61.8% level, falling to its 35-week low on May 12. With a visible selling advantage in today’s market, buyers found it challenging to maintain the above price 20 EMA (red).

At the time of writing, NEAR was trading at $6,711. Resonating with other alts, NEARs RSI saw slight improvements after bouncing back from the 35 mark. But the southerly tendencies could cause an unwanted slowdown in the revival process. Nevertheless, the CMF would confirm a bullish divergence if it bounces off its trendline support.

Algorand (ALGO)

Source: TradingView, ALGO/USD

As the bears did not relinquish their lead, Algorand (ALGO) has been close behind in recent months. After falling from the 38.2% Fibonacci hurdle, the altcoin plunged, registering a 56.9% drop to its 15-month low on May 12.

In recent days, the recent recovery has turned into a bearish pennant pattern on the four-hour time frame. Any close below the pennant’s lower trendline could signal a longer bear run towards the $0.38-$0.4 range. As of going to press, ALGO was trading at USD 0.448, down 3.03% in the past 24 hours.



This post Polkadot, NEAR and Algorand Price Analysis: May 16

was published first on https://ambcrypto.com/polkadot-near-and-algorand-price-analysis-16-may/

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