The past 48 hours have presented a considerable limitation to the crypto recovery. That had large-cap alternative coins such as Polkadot, Cardano, and Algorand recording double-digit plunges after hitting the 3-week peak on December 27.
As ADA flipped $1.47 support into resistance, DOT and ALGO dropped under their 20-, 50-, and 200-Simple Moving Averages.
Cardano (ADA)
Cardano had oscillated within an ascending wedge after cracking the resistance at $1.47. Also, the alt snapped a long-term trend-line resistance. After that, ADA witnessed an anticipated breakdown from the monthly resistance near $1.58. Meanwhile, the crypto lost around 11.55% over the past two days. That came after Cardano touched a 3-week peak on December 27.
The downfall secured the closest support at $1.39, coinciding with 50 Simple Moving Average and 200SMA. The latest downtrend’s momentum had the OBV noting a sharp drop after a 2-week high.
While publishing this analysis, Cardano trades near $1.408. The Relative Strength Index displayed bearish favoritism after lower lows since last week. Nevertheless, ADA formed higher lows also, translating to a bullish divergence. As Awesome Oscillator reflected bearishness, ADX flashed weak directional bias.
Polkadot (DOT)
Polkadot registered a 40% increase from December 20 lows until poking a 3-week high on December 27. After that, the alt suffered a 14.84% crash, breaching a climbing wedge over the past 48 hours.
As DOT’s price fell under the 20-, 50-, and 200 Simple Moving Average, it secured the closest testing support at $27.6. Nevertheless, the 20 simple Moving Average stayed beyond the 200 Simple Moving Average.
While publishing this analysis, the altcoin hovered around $28.09. The RSI witnessed a sharp fall after poking a 21-weel peak, wavering near 42. The MACD indicated decreased buying strength as it dropped under the equilibrium. Moreover, the falling volume exceeded the rising ones, authorizing a significant sell-off condition.
Algorand (ALGO)
ALGO recorded poor performance after exploring $2.04 on December 2. The alt saw a considerable fall after that, sliding under the $1.84 zone. That resulted in a bearish flag, after which Algorand dipped under $1.39 within a downward channel.
The crypto recorded an almost 35.85% recovery from December 20, touching a 3-week peak on December 27. However, a 14.07% drop followed, taking ALGO beneath $1.58.
While writing this content, Algorand trades at $1.4806. The RSI stayed at 40, following bearish support. Though the new lows, the on-balance volume appeared to secure a massive short-term footing, suggesting buyers’ presence.