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Polkadot, Cosmos, Algorand Price Analysis: 08 December

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Source: Pixabay

Bitcoin has posted excellent gains on its way to ATH but the momentum stalled over the past week. At press time BTC was trading at $18,803 with a market cap of $349 billion.

Source: CoinStats

This sideways movement of both Bitcoin and Ethereum prompted the altcoin market to shed value. Polkadot was likely to begin a descent to the $4.8 level of support, while Cosmos also had a short-term bearish outlook. Algorand saw a level of support flipped to resistance and slid toward its next level of support at $0.31.

Polkadot [DOT]

Polkadot, Cosmos, Algorand Price Analysis: 08 December

Source: DOT/USDT on TradingView

The Fixed Range Volume Profile showed that, beneath the $5.2 level, there has not been much trading activity all the way down to the $4.7-$4.8 zone.

The MACD showed that bearish momentum was slowly rising for DOT. Since DOT retested the $5.2 level as resistance, it has been steadily falling in value.

The bearish trend could continue and see DOT test the $4.8 level as resistance in a short while.

Cosmos [ATOM]

Polkadot, Cosmos, Algorand Price Analysis: 08 December

Source: ATOM/USD on TradingView

The recent drop for ATOM from a local high at $6.48 to $5 near the end of November saw ATOM attempt to recover and reached as high as $5.51 before bears forced it back to $5 once more.

The RSI showed a value of 39 and has been moving beneath the neutral 50 line for a few days, indicating a downtrend was in play.

This short-term bearishness could see ATOM visit the $4.81 level of support. The loss of that level would shift the long-term outlook in favor of the bears as well.

Algorand [ALGO]

Polkadot, Cosmos, Algorand Price Analysis: 08 December

Source: ALGO/USD on TradingView

Like DOT, ALGO was another coin that retested a level of previous support as resistance and was in a short term bearish trend. The $0.35 was flipped to resistance and the price was headed toward support at $0.31.

The OBV did not show a strong wave of selling volume and has been relatively flat over the past couple of weeks. The Stochastic RSI dipped deeply into the oversold region and the price could see a minor pullback.

It was likely that ALGO would see a small bounce off the $0.31 support to the pocket of liquidity at $0.323 before another move downward.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.