Bitcoin[1] 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.
This sideways movement of both Bitcoin and Ethereum[3] prompted the altcoin market to shed value. Polkadot[4] was likely to begin a descent to the $4.8 level of support, while Cosmos[5] also had a short-term bearish outlook. Algorand[6] saw a level of support flipped to resistance and slid toward its next level of support at $0.31.
Polkadot [DOT]
Source: DOT/USDT[7] 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]
Source: ATOM/USD[8] 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]
Source: ALGO/USD[9] on TradingView
Like DOT, ALGO was
