BTC $41178.46 (-5.4%)
ETH $2804.10 (-8.3%)
USDT $1.00 (-0.0%)
BCH $495.06 (-7.3%)
BSV $131.51 (-8.4%)
LTC $145.24 (-8.0%)
BNB $342.70 (-7.8%)
ADA $2.18 (-0.7%)
DOGE $0.20 (-7.4%)
BTC $41178.46 (-5.4%)
ETH $2804.10 (-8.3%)
USDT $1.00 (-0.0%)
BCH $495.06 (-7.3%)
BSV $131.51 (-8.4%)
LTC $145.24 (-8.0%)
BNB $342.70 (-7.8%)
ADA $2.18 (-0.7%)
DOGE $0.20 (-7.4%)

ChainLink, Polka Dot Price Analysis August 2020

ChainLink, Polkadot Price Analysis (Aug 30)

The crypto space has seen a lot of mixed emotions in the past 10 days. There are cryptocurrencies that continue to fuel its engine for a continued journey towards the moon while some still face the challenges of the market.

This article will focus more on the performance of the cryptocurrencies ChainLink and Polkadot. Together, let us see how these cryptocurrencies performed in the final days of August.

1. ChainLink (LINK)

The popularity of ChainLink continues to grow as the DeFi industry surged in this quarter of 2020. However, Link remains to struggle its way out of the bearish condition it is facing right now.

ChainLink/USDT daily ALMA and MACD (Source: TradingView)
ChainLink/USDT daily ALMA and MACD (Source: TradingView)

The LINK/USDT market in the last 2 weeks saw a downtrend as the crypto continues to fall under the Arnaud Legoux moving average (ALMA). However, on August 30, LINK recovered and started its day above the ALMA with an opening price of $16.40 and even reached a staggering $17.69.

Meanwhile, the moving average convergence divergence (MACD) is now slowly changing its path from 1.084 on August 28 to 1.18 on August 30. Both the ALMA and MACD are showing great performance, which is a welcome sign as this month comes to an end.

2. Polkadot (DOT)

Polkadot has gathered significant attention over the last couple of weeks, as some of the DeFi start-ups began to use its technology in building their platform. However, DOT’s performance in the last few days seems to tell a different story.

Polkadot/USDT daily ALMA and MACD (Source: TradingView)
Polkadot/USDT daily ALMA and MACD (Source: TradingView)

It is seen on the graph, Polkadot’s closing price of 375.700 on August 18 plummeted to 5.9 on August 30 and continues to remain below the ALMA. The MACD also points to a downward trend.

Polkadot/USDT relative strength index (RSI) (Source: TradingView)
Polkadot/USDT relative strength index (RSI) (Source: TradingView)

On the other hand, DOT is already oversold, as indicated on the graph above. This event may be a signal for those who are interested in acquiring the cryptocurrency.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.