Bitcoin SV, Litecoin, Polkadot Price Movement Analysis for 2nd May, 2021

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Despite the fact that Bitcoin was trading below $57,000 at the time of publishing, a rally over $60K was forecast in the coming days. Meanwhile, alts like Bitcoin SV, Litecoin, and Polkadot stayed below significant resistance levels, waiting for bullish prompts from the wider market to rally on their charts.

Bitcoin SV [BSV]

On the 4-hour timeframe, the price of Bitcoin SV was at a critical juncture. The market made higher lows on its way to $341, and it appeared that it was only a matter of time before this upper limit was broken. A strong breakout over $341 would result in losses all the way up to $390 in the BSV market, but the bulls would need to build strength first.

The Awesome Oscillator indicated increasing bearish energy, while the MACD was approaching a bearish convergence. A break below the lower trendline would invalidate the pattern, and $275-support would be in play.

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Litecoin [LTC]

Source: LTC/USD, TradingView

Litecoin, like BSV, was in a similar situation on its 4-hour map. For a northbound run, the bulls wanted to reclaim the area above $290, but $261-support had to be guarded first against some bearish pressure. The stochastic RSI fell into the oversold sector, but a bullish crossover was anticipated in the coming sessions.

On the positive hand, OBV has slowly increased since its lows in the last week of April.

This consistent purchasing momentum was a good indicator for LTC’s short-to-medium term trajectory. LTC is expected to move towards $350 if it regains control of the region above $300.

Polkadot [DOT]

Source: DOT/USD, TradingView

The DOT market was on the mend after the stock fell as low as $26 in late April. The rebound was halted at the 50% Fibonacci retracement mark ($37.4) at the time of publication. Buying pressure equalled selling pressure over the last few sessions, according to OBV’s flat-like movement, as the bears held DOT below its overhead resistance mark.

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However, the ADX Indicator registered a reading of 20 indicating that bullish intensity was on the rise. Dips are unlikely in such a scenario, and therefore, resistance thresholds would be scrutinised. One such amount was the 61.8 percent Fibonacci level above $40. If DOT is successful in retaking this region, it will be able to move forwards to its next goal of $44.

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