XRP, Cardano, Polkadot Price Movement Analysis for 5th May, 2021

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XRP emphasised bearish market dynamics, implying that the price could sink all the way to $1.30 before buyers move in. Cardano stuck below the $1.41 resistance level, and quantities were insufficient to sustain a breakout. Finally, Polkadot was forecast to climb north from an ascending triangle and reach $40 or even $42.


Awesome Oscillator fell below the half-line after a bearish twin high as XRP checked $1.42 support. In comparison to the 4-hour timeframe, the hourly timeframe painted a somewhat different image, as the AO registered some bullish momentum. The current support line must be monitored in the coming sessions, as a failure could drive XRP all the way to $1.30 before buyers move in.

The RSI was still in bearish terrain, and a change into the lower region would result in a chart breakdown. If the present support holds, a bullish reversal over $1.65 is possible.

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Cardano [ADA]

Source: ADA/USD, TradingView

Cardano’s ADX Indicator fell to a low of 7, indicating a negative industry trend. A reading of less than 25 usually suggests a degree of equilibrium between buyers and sellers. On the 4-hour timeline, ADA traded in the $1.37-$1.27 range on light volume. The $1.41 resistance level can stay in view in the coming sessions, and a strong breakout may send ADA higher on the charts.

However, OBV had yet to return to mid-April stages, and there was insufficient buying momentum to encourage a positive outcome.


Polkadot [DOT]

Source: DOT/USD, TradingView

Polkadot’s short-term trajectory was influenced by the $38-38.5 range. At this phase, a high resistance level existed, which also coincided with the 200-SMA (green). An ascending triangle was also seen on the 4-hour timeline as the market rendered higher lows over the past week. On April 20, there was a pessimistic convergence between the 200-SMA and the 20-SMA, resulting in a bear market. If the price breaks above the pattern’s upper trendline, the 50-SMA can re-enter above the 200-SMA, accelerating the market’s recovery.

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However, before a breakout occurred, the lower trendline had to be protected against any bearish strain. The Awesome Oscillator recorded a sequence of red bars as the sellers gained momentum. The RSI moved south from 55, indicating a more healthy economy. If a breakout occurs, the first and second targets are $40 and $42, respectively.


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