As Bitcoin hit the $57,000-mark, it had a domino effect on the altcoins as most cryptos suppressed. Polkadot and Bitcoin Cash were no exceptions, as they saw their weekly lows on 18 November. Their near-term technicals, however, affirm the chances of an upturn.
On the contrary, Avalanche defied the market tendencies by marking a 22.5% weekly ROI.
Polkadot (DOT)
Since late September, DOT price action undertook a steady rise as the price moved along the parallel channel (white). Accordingly, DOT witnessed a 104% rally over the next 35 days to poke its ATH at $55.09 on 4 November.
However, DOT bears retaliated as the price saw a nearly 31% correction until it touched its five-week low on 18 November. Over the past week, the bears exhibited sustained pressure as the price fell below its 4-hour 20-50-200 SMA.
While bears ensured resistance at the $43-mark, they tried to push below the $39-mark (immediate support). Consequently, DOT traded at $39.56 at press time. Presently, the near-term technicals agreed with the bearish influence but hinted at its ease.
The RSI displayed revival signs after standing at the 39-mark. Additionally, the AO and MACD hinted at a possible recovery if the buyers could gather momentum.
Bitcoin Cash (BCH)
Source: TradingView, BCH/USDT
Like DOT, BCH upturned since late September as the price oscillated between the parallel channel. It noted a 46.9% ROI from 30 September to 10 November. As a result, the altcoin touched its nine-week high on 10 November.
However, the bears showed resistance at the upper channel. Consequently, the pullback resulted in a 25.8% retracement BCH hit its three-week low on 18 November. The bears quickly ruptured the lower parallel channel and aimed to snap the immediate support at $553.9. Accordingly, the near-term technicals visibly chose the bears. At press time, BCH traded at $559.
The RSI stood weak at the 29-mark pointing northwards. Further, the DMI confirmed the bearish preference while affirming the chances of a bullish revival in the near term. Moreover, MACD lines were on the verge of a bullish crossover and corresponded with previous readings.
Avalanche (AVAX)
Source: TradingView, AVAX/USDT
Since 12 October, AVAX undeniably registered soaring gains by being on a constant upswing. The digital currency more than doubled its value from 13 October to 17 November.
Over the past three days, it witnessed a lot of happenings. Avalanche’s founder Emin Gün Sirer announced a partnership with Deloitte for leveraging AVAX blockchain for a project. Additionally, AVAX got listed on Binance.US on 17 November. Accordingly, AVAX noted a 19% three-day ROI and touched its ATH on 17 November.
At press time, the alt traded at $108.4. The RSI was northbound and stood at the 63-mark. Additionally, the MACD and AO visibly preferred the buyers. Nevertheless, the ADX displayed a weak directional trend.
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