Polkadot, TRON, Loopring Pricing Analysis: May 24


Bitcoin rose to $30.6 million the day before, but fell to $29,000 as the cryptocurrency market was fragmented by long-term bias. Some altcoins such as Polkadot and Loopring have been rallying over the past few days. It remains to be seen whether demand and the short-term uptrend can continue.

Polkadot (DOT)

Source: DOT/USDT on TradingView

Over the past 10 days, the DOT has crossed the $10.57 resistance and defended it as support for several days before even sliding below it again. The price hit a record low at $9.22, which is the short-term support the bull should defend.

Over the past four days, the DOT has risen slowly from $9.22, testing $10.57 as resistance once again. Buyers were rejected and the RSI slipped again below its neutral 50 line and stood at 41.63, demonstrating weak bearish momentum at press time.

OBV has risen slowly over the past few days, indicating that it could soon move towards the $10.57 level as long as $9.22 holds support.

Tron (TRX)

Polkadot, TRON, Loopring Pricing Analysis: May 24

Source: TRX/USDT on TradingView

At the beginning of May, TRX was extremely volatile after 12 days of rallying from $0.062 to $0.092 and then retreating to $0.065. Last week, the price rebounded from the $0.07 demand zone, providing a bit of volatility.

The $0.082 resistance remained unbroken as the price rejected the previous day, while the $0.076 area maintained support. The RSI was 50 at the time of this writing, meaning momentum is not in favor of either bulls or bears. However, the market structure in the lower period was bullish for TRX. To support this, the CMF recorded above +0.05, demonstrating that buyers have driven stable and significant capital flows into the market.

Loopring (LRC)

Polkadot, TRON, Loopring Pricing Analysis: May 24

Source: LRC/USDT on TradingView

LRC is another coin with an optimistic outlook for a shorter period as the price created a series of higher lows and higher highs after falling to $0.34 on May 12th. At press time, the price broke through the $0.54 barrier, testing $0.64 as resistance and then retesting $0.54 to confirm the support level.

The Awesome Oscillator saw a large spike to reflect the bullish momentum and remained above the zero line despite the decline. This showed that the bulls still have momentum on their side. However, A/D was less conclusive as it did not show strong evidence of accumulation over the past week.

Leave a Comment