The crypto space continues to display a bearish picture as altcoins like Polkadot, Bitcoin Cash, and Solana have their Relative Strength Indexes striving to overcome the midline. The alts’ short-term technicals show bears’ preference, correlating the global market trend.
Polkadot (DOT)
DOT bears dominated over last month after the alt recorded an ATH on November 4. Polkadot downturned after creating a descending channel. As a result, the altcoin witnessed a whopping 22.4% weekly and 46.5% monthly plummet.
Meanwhile, bulls attempted to test the 8-weel resistance at $34.87 after breaking a downward channel. As they failed, bears staged a sharp drop on December 3. The downswing had DOT beneath the four-hour 20, 50, and 200 Simple Moving Averages, poking a 12-week low near $24.3.
Polkadot created a symmetrical triangle over the last five days following bearish influence. At this publication, DOT traded near $27.70. The 4hr chart shows Polkadot’s RSI struggled to break the midlines since November, showing bearish vigor. Moreover, the DMI confirmed the previous narrative, preferring sellers.
Solana (SOL)
Like Polkadot, Solana bears magnified selling strength since November as SIL hit its record high on November 6. Meanwhile, SOL fall with a downward channel. Moreover, the alt lost almost 1-third of its price, touching a 6-weel low on December 3.
Nevertheless, bulls reverted the situation quickly, keeping the 6-week support at $183. With that, Solana formed an upward channel as bulls planned to retest the resistance at $198.9.
While writing this analysis, SOL hovers at $189.38. The RSI showed bearish preference and may fail to cross the middle line. Moreover, the DMI showed bearish strength. However, the Squeeze Momentum Indicator had black dots, confirming the squeeze phase with decreased short-term volatility.
Bitcoin Cash (BCH)
Bitcoin Cash printed a bearish flag yesterday after BCH retested the 38.2% FIB level. It formed lower lows within a descending channel following October’s impressive run. Meanwhile, the alt saw a 13.7% downward-channel breakout, sustaining continuous declines, recording a descending triangle on the four-hour chart.
The downside move empowered the sinking triangle breakout as BCH hit an 11-month low during December 3 price actions. While publishing this content, BCH hovered at $468.3.
The RSI flashed impressive revival signals as it struggled to maintain beyond the middle line since November 26. Moreover, the DMI showed slight bearishness. For now, bulls require increased volume to conquer the immediate obstacles at 38.2% FIB retracement.
