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Once Bitcoin hit $57,000, most cryptocurrencies also continued their declines under selling pressure. Polkadot and Bitcoin Cash were among the altcoins included in this group, hitting weekly lows on November 18. However, short-term techniques confirm the possibility of a rebound.
On the contrary, Avalanche defied market trends, achieving a weekly ROI of 22.5%.
Polkadot (DOT)
Since the end of September, the DOT price action has been steadily rising as the price moves along the parallel channel (white). Accordingly, while DOT increased its ATH to $ 55.09 on November 4, it saw a 104 percent gain in the last 1-month time frame.
However, its price saw a correction of about 31% as it hit a five-week low on November 18. Last week, the price dropped below the 4-hours 20-50-200 SMA and the seller has consistently put the price down.
While the bears provided resistance at $43, they tried to push the Dot price below $39. As a result, DOT was trading at $39.56 at the time of writing. Currently, short-term technical indicators show that the bearish effect continues.
RSI showed signs of recovery after stopping at 39. Additionally, AO and MACD pointed to a possible rebound if buyers gain momentum.
Bitcoin Cash (BCH)
Like DOT, BCH has also rallied since late September as the price oscillated between the parallel channel. From September 30 to November 10, it recorded a 46.9% return on investment. As a result, the altcoin hit a nine-week high on November 10.
However, sellers stepped in at the upper band of the channel. As a result, the pullback resulted in a 25.8% pullback, with BCH hitting a three-week low on November 18. Sellers quickly broke the lower border of the parallel channel and aimed to capture the nearest support at $553.9. Accordingly, the short-term technical indicators were noticeably in favor of the sellers. At the time of writing, BCH was trading at $559.
RSI remained weak at 29 on the upside. Also, the DMI confirmed the bearish bias, while confirming the chances of a bullish turn in the near-term. Also, the MACD lines were on the verge of a bullish crossover and were corresponding to the previous readings.
Avalanche (AVAX)
Since October 12, AVAX has made serious gains with a sustained upward trend. The cryptocurrency more than doubled in value from October 13 to November 17.
He has witnessed many events in the last three days. Emin Gun Sirer, founder of Avalanche, announced that he has partnered with Deloitte for a project that leverages the AVAX blockchain. Additionally, AVAX was listed on Binance.US on November 17. Accordingly, AVAX recorded a three-day ROI of 19% and saw ATH on November 17.
At the time of writing, the altcoin was trading at $108.4. The RSI was heading north and stood at 63. Additionally, the MACD and AO are producing a noticeable buy signal. However, ADX showed a weaker trend.
