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With unexpected bullish excitement entering the industry, bitcoin has managed to reclaim its $50k mark, while the majority of the altcoin market has broken out from the bearish pit. However, what is the long-term outlook for altcoins such as IOTA, Litecoin [LTC], and Polkadot [DOT]?
According to the IOTA map, the digital asset’s price started to rise in mid-March before settling in April. Despite the remaining altcoin market’s uncertainty, IOTA has more or less withstood it and was trading at a historically high valuation of $1.90 at press time.
Meanwhile, the market seemed to be preparing for further purchasing pressure as the relative strength index rose from the oversold region. This surge signalling an increase in purchasing pressure in the IOTA market, and the digital asset may be on the verge of a trend reversal.
At the time of publication, the Litecoin price was diminishing at a support level of $201, but Bitcoin’s abrupt change in movement sent LTC to $243. As LTC progresses, sustained buyer support could drive the asset to challenge resistance at $260. However, with the current buyer traction, it may take some time.
The Bollinger bands signalling market uncertainty, but traders were clinging to the current pace. The relative strength index, which was actually at an equilibrium, confirmed this. Since the purchasing and selling forces were comparable, LTC could remain at this level in the short term.
Polkadot [DOT] token was still carrying a high valuation after seeing immense growth in 2021. While the market’s price did not adjust dramatically as a result of uncertainty, the latest signs point to a decline.
The signal line and the 50 moving average were also over the price of $32.13 at the time. DOT was able to reverse the bearishness after the recent increase in valuation. According to the Relative Strength Index, the raise pulled DOT away from the oversold zone, and buying interest is currently on the increase. As it approaches the resistance level of $37, the asset can experience a pattern reversal.
Meanwhile, Chaikin Capital Flow observed that the sell-off induced money to flow out of the economy in greater numbers. However, the recent surge of customers was tipping this measure in the right direction.