With Bitcoin struggling to find a close above the $40,000-mark, the near-term technicals of XRP, Polkadot, and NEAR demonstrated a bearish preference. Although NEAR showed improvement signs, a close below its 20 EMA could trigger a hidden bearish divergence on its 4-hour chart.
XRP
Since falling below its long-term Point of Control (red) at the $0.77-mark, XRP swiftly fell to touch its six-month low on 22 January. Post that, the bulls stepped in to defend the 10-month $0.56-support.
Consequently, with a 67.4% revival since, XRP flipped the EMA ribbons toward the bullish side. Since then, the alt gradually declined as it witnessed a trendline resistance (now support) (white, dashed) on its 4-hour chart.
Over the last few days, XRP saw an up-channel (white) that helped the alt find a close above its 200 EMA (green). Now, the immediate resistance stood near the POC while the trendline support offered strong support.
At press time, XRP traded at $0.7578. After testing the midline multiple times over the last day, the RSI stood weak at the 46-mark. It marked a descending triangle and revealed a bearish edge. Furthermore, the southbound CMF took a steep plunge over the past day while reaffirming the increased bearish influence.
Polkadot (DOT)
Source: TradingView, DOT/USDT
Since its ATH last year, DOT bears have refrained the bulls from taking on the driver’s seat. The alt was down by over 74% (from 4 November) as it plunged towards its seven-month low on 24 February.
The recent bullish rally marked an up-channel while the alt strived to cross the 20 EMA (red). Over the last few days, the alt snapped its four-month trendline resistance and flipped it to support. With the bears still refraining from giving up their edge, further retracements should find a base near the $16-zone.
At press time, the DOT traded at $17.21. The RSI struggled to keep itself above the equilibrium. Thus, it aimed to retest the 40-mark support and displayed a bearish bias.
Near Protocol (NEAR)
Source: TradingView, NEAR/USDT
Since its ATH, NEAR lost more than half of its value and plunged toward its 11-week low on 24 February. Moreover, it lost its crucial $10.9-level resistance.
After a steep patterned breakdown, NEAR adhered to its trendline support while diving towards the $7.6-mark. Then, after witnessing an inverse head and shoulder on its 4-hour chart, NEAR kept testing the $9.5- support. Now, the 20 EMA (red) with the upper trendline of the down-channel (white) assumed strong resistance.
At press time, the NEAR traded at $10.054. The RSI saw decent growth over the last day. Now, a close below the midline would confirm a hidden bearish divergence with the price. Furthermore, the Supertrend now supported the selling tendencies in the near term.
Ecosystem
Research
News Network
About