By the time Bitcoin hit $ 57,000, it had a knock-on effect on the altcoins as most of the cryptos were suppressed. Polkadot and Bitcoin Cash were no exception as they hit their weekly lows on November 18. However, their short-term specs confirm the chances of an upturn.
On the contrary, Avalanche defied market trends with a weekly ROI of 22.5%.
Since the end of September, the DOT price action has seen a steady increase as the price moved along the parallel channel (white). Accordingly, DOT saw a 104% rally over the next 35 days to stuck its ATH at $ 55.09 on November 4th.
However, the DOT bears retaliated when price saw a correction of nearly 31% to hit its five-week low on November 18. Last week the bears were under sustained pressure as the price fell below its 4-hour SMA of 20-50-200.
While bears provided resistance at $ 43, they sought to break below $ 39 (immediate support). As a result, DOT was trading at $ 39.56 at press time. For now, the short-term specs were consistent with the declining influence, but indicated its lightness.
the RSI showed signs of revival after standing at the 39 mark. Besides, the TO and MACD indicated a possible rebound if buyers could gain momentum.
Bitcoin Cash (BCH)
Like DOT, BCH has been rising since late September when the price fluctuated between the parallel channel. From September 30th to November 10th, the ROI was 46.9%. As a result, the altcoin hit its nine-week high on November 10th.
However, the bears on the upper channel showed resistance. As a result, the pullback caused a 25.8% BCH retracement to hit its three-week low on November 18th. The bears quickly broke the lower parallel channel and aimed to crack the immediate support at $ 553.9. Accordingly, the short-term technical data clearly chose the bears. At the time of publication, BCH was trading at $ 559.
the RSI was weakly at the 29 mark pointing north. Furthermore, the DMI confirmed the bearish preference while also confirming the chances of a bullish revival in the near future. Aside from that, MACD Lines were on the verge of a bullish crossover and corresponded to previous readings.
Since October 12th, AVAX has undeniably been seeing rapid gains as it has been on a steady upswing. The digital currency more than doubled in value from October 13th to November 17th.
It has witnessed many events over the past three days. Avalanche founder Emin Gün Sirer announced a partnership with Deloitte to use the AVAX blockchain for a project. In addition, AVAX was listed on Binance.US on November 17th. Accordingly, AVAX posted a three-day ROI of 19%, reaching its ATH on November 17th.
At press time, the Alt was trading at $ 108.4. the RSI was heading north and was at the 63 mark. Besides, the MACD and TO obviously prefers the buyer. Still it is ADX showed a weak directional trend.