- Polkadot (DOT) in a descending triangle, breaking key supports, facing 50-day EMA resistance, and showing potential bullish divergence.
- RNDR is currently trading within an ascending broadening wedge, and a pivotal support level lies in the range of $1.6 to $1.65, supported by various indicators such as the 50 and 200-day EMAs, the lower trendline of the wedge, and a horizontal line, making it a significant level to watch for traders.
- Kadena’s (KDA) wedge breakout met resistance at $0.51 and $0.58, aiming to maintain crucial support at $0.42 for a 10%-20% rally, while displaying price-RSI divergence.
- Gala recently broke out of a descending wedge pattern and is currently consolidating within an accumulation zone, with the potential for a substantial rally upon breaking out of this range.
Polkadot (DOT):
Polkadot was trading within a descending triangle, and after breaking the triangle and retesting the broken support, it began to decline. This had been previously mentioned in the analysis of DOT. Currently, on the daily timeframe, DOT has broken below its horizontal support line at $3.94 and is heading towards its next support level of $3.6. DOT is currently trading within a descending wedge, and the upper boundary of the wedge is repeatedly pushing the price of DOT lower. Additionally, the 50-day EMA is acting as a strong resistance for DOT; each time DOT touches the 50-day EMA, its price drops. DOT needs to overcome three key resistances before moving upwards: the resistance from the upper boundary of the wedge, resistance from the 50-day EMA, and resistance from the horizontal line at $3.94. On a positive note, the price action of DOT shows a potential bullish divergence in progress, as it’s making lower lows and lower highs, while the RSI is forming higher lows and higher highs. This price action suggests a potential bullish divergence unfolding in the coming days.
READ MORE: Meme Coins(SHIB,PEPE,DOGE) To Dip By 10% While Gala Shows Potential Of 20% Gains
RNDR:
RNDR is trading in an ascending broadening wedge and is currently dropping after touching resistance at $1.87. RNDR is following a bullish structure of higher highs and higher lows. The recent low, placed around $1.46, is a pivotal point for RNDR. Upon breaking this point, the bullish structure will be transformed into a bearish one.
Currently, the zone between $1.6 and $1.65 provides strong support for RNDR due to multiple factors, including support from the 50 and 200-day EMAs, the lower trendline of the wedge, and the horizontal line. It is expected that the price of RNDR will rebound after reaching the $1.6 level. Since RNDR is forming a structure of higher highs and higher lows, the RSI is also following the same pattern, indicating a potential upside rally in the near future.
ALSO READ: These 3 Coins Will Unlock $40.42 Million Worth Of Tokens: Weekly Unlocks
KADENA(KDA):
It was trading within a descending wedge, and upon breaking out of the wedge, KDA encountered resistance at $0.51 and $0.58. Additionally, KDA faced resistance from the 50-day EMA. After these rejections, KDA’s price plummeted to its all-time low and is currently trading at a critical support level of $0.42. Maintaining this support is crucial for KDA, as doing so could lead to a potential rally of 10% to 20%. Notably, KDA’s price is declining, but the RSI is forming higher highs and higher lows. This price action suggests a possible upward movement for KDA in the coming days. However, for this to materialize, KDA must hold its support and overcome the resistance from the horizontal line and the 50-day EMA.
SUGGESTED FOR YOU: This Crypto Analyst Is Predicting Bitcoin Value To Drop By More Than 20% Following The Cycle Of 2015 & 2019 Market
GALA:
Gala’s recent trading behavior can be explained in simpler terms. It was following a certain pattern that looked like a descending wedge, which typically signals a potential price drop. However, Gala broke out of this pattern, indicating a change in its trajectory. But when it reached a certain price point, $0.0158, it encountered strong resistance, which halted its upward movement.
Currently, Gala is trading within a specific price range, fluctuating between $0.0129 and $0.0158. This range is often referred to as an “accumulation zone,” where traders and investors are actively buying and selling. It’s worth noting that a breakout from this range could potentially trigger a notable increase in Gala’s price.
Examining Gala’s recent trading history reveals that it has been forming a pattern of lower lows and lower highs. This suggests a downward trend. However, when we look at the Relative Strength Index (RSI), which is a tool used to gauge the strength of a trend, it’s showing higher highs and higher lows. This contradictory behavior between Gala’s price chart and the RSI indicates a potential shift in the market sentiment.
In simpler terms, the RSI is signaling that there might be a shift towards more positive sentiment among traders, which could lead to a bullish rally in Gala’s price. In other words, Gala’s price may start to rise in the near future. Traders and investors will be closely watching for a breakout from the current price range as it could be a significant turning point for Gala’s market performance.
Conclusion:
The analysis of DOT(Polkadot), RDNT, and KADENA(KDA) reveals distinct market dynamics and potential trading opportunities. DOT is navigating within a descending wedge, with critical resistance levels to breach before any substantial upward movement. The positive divergence in its price action hints at the possibility of a bullish trend in the near future.
RNDR is currently in an ascending broadening wedge, showcasing a bullish trend with higher highs and higher lows. The crucial support level at $1.6 to $1.65, coupled with multiple sources of support, suggests the potential for a comeback in RNDR’s price. Furthermore, the alignment of RNDR’s price structure with the RSI indicates the possibility of an impending upside rally.
KADENA’s journey involves overcoming substantial resistance levels from both its recent wedge breakout and the 50-day EMA. Maintaining its support at $0.42 holds the key to a potential 10% to 20% rally, with an encouraging sign being the divergence between its price trend and RSI.
Gala has recently broken out of a descending wedge pattern, but it has encountered resistance at the horizontal line of $0.0158. Gala is currently consolidating within an accumulation zone, and a breakout from this range could lead to a significant rally. Gala’s trading structure exhibits lower lows and lower highs, but the RSI is signaling higher highs and higher lows, hinting at the potential for a bullish rally in the near future.
In trading and investment decisions, it’s crucial to closely monitor these critical levels, keeping an eye on any signs of divergence and price action that may indicate future market movements.
Charts from TradingView
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
