YEREVAN (CoinChapter.com) – As CoinChapter reported previously, the crypto market enjoyed a minor relief rally on Nov 30. Several altcoins registered green candles following Bitcoin’s example, like Polkadot (DOT), Near Protocol (NEAR), Kusama (KSM), and Holo (HOT). However, some of them flashed warning signs on the charts. Here are several notable details:
#1 Polkadot (DOT) Price Analysis
Polkadot (DOT) stood at $5.3 on Nov 30, after a 10% uptrend in the previous 48 hours. Moreover, investors could see a 110% price increase in 2023, according to the charts. In detail, the altcoin formed a bullish reversal pattern, known as the ‘falling wedge.’
The latter consists of two dropping trendlines that connect the swing highs and the swing lows and gradually lower the price through consecutive support and resistance retests. DOT would confirm the formation through a break above the resistance trendline. In that case, the target price for the Polkadot token would stand at $11, or 110% higher than the current value.
#2 Near Protocol (NEAR) Price Target
Near Protocol (NEAR) lost 50% month-to-date and stood near $1.7 on Nov 30. However, according to the charts, the digital asset could lose another 95% or more, bringing the NEAR price to practically zero. Other altcoins, such as Solana (SOL), printed a similar pattern.
In detail, the NEAR/USD price action has been fluctuating within a bearish ‘descending triangle’ since Q2 2022. The formation entails a dropping resistance line and flat support that prevent sharp moves in either direction.
NEAR confirmed the bearish setup on Nov 8 by breaking below the support. Thus, the target decline equals the maximal price swing within the triangle, pinning the expected price close to zero. The falling trading volumes confirm the fears, hinting at lowering interest among investors.
#3 Kusama (KSM) Price Movement
Kusama (KSM) traded at $28.5 on Nov 30, after a 24% decline month-to-date. The token traded within a pattern known as the descending channel for two quarters.
The latter entails two parallel trendlines that prevent sharp moves through consecutive support and resistance retests. The channel is neither a reversal pattern nor does it predict a certain continuation after KSM breaks in either direction. However, the formation is instrumental in short-term predictions for as long as it remains relevant.
The dropping trading volumes on the chart above prompt a possible decline ahead. If the Kusama token complies with the bearish prediction, it will likely drop to the said channel’s support, erasing the weekly gains.
#4 Holo (HOT) Price Prediction
Holo (HOT) painted another descending triangle, similar to Near Protocol. Moreover, HOT also already confirmed the triangle by dropping below the support on Nov 8. Thus, the target price for the Holo token stood close to zero as well, threatening to erase over 96% of the digital asset’s valuation.
The lowering trading volumes confirmed the validity of the bearish outlook, showing declining interest among traders. Notably, the setups alone are not sufficient to make a viable prediction. Thus, investors should watch Bitcoin charts for cues and follow the happening in the broader economy.
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