hello everyone. before moving on to the video we ask you to
support us and subscribe to our channel please. Algorand has been trading sideways inside
a tightening pattern and seems ready for a massive breakout if bulls can push the
digital asset above a key resistance level. The entire cryptocurrency market has
recovered significantly, favoring the bulls. On the 4-hour chart, Algorand has
established an ascending triangle pattern that seems to favor the bulls amid the
recent cryptocurrency market recovery. Bulls need to push ALGO above the 50-SMA level first.
The critical resistance trendline is located at $1.15. A breakout above this point will quickly
drive Algorand price towards the 100-SMA at $1.25, and eventually up to the
long-term price target of $1.5. On the other hand, failure to hold the price
above the 50-SMA would lead Algorand towards the lower trendline at $1. A breakdown below
this point has a price target of $0.72. in the interest of brevity, Algorand
price is contained inside an ascending triangle pattern on the 4-hour chart.
The digital asset is up by 15% in the past 24 hours and bulls aim for more.
ALGO needs to climb above a crucial resistance level to see a significant breakout.
Stellar Lumens climbed past the $0.39 level on its way to the $0.42 region of supply, while
Elrond saw a breakout from a descending channel. Ethereum Classic rose in value
but on minimal trading volume.
Since the drop to $0.34 a few days ago, the
OBV has noted a series of higher lows on the hourly chart. Even though trading volume
has been minimal in the past couple of days, the general trend seems to be that of buyer
dominance in the market in the short-term. The $0.39 level was one where Stellar was
just three weeks past- after a 40% drop in the span of ten days, Stellar was back above this
level of support. This is a bullish development. There is still a ways to go, as the highlighted
region at $0.42 represents an area of supply that the bulls would need to flip to demand.
The 4-hour chart showed the formation of a descending channel for
EGLD- and in the past few days, the price has broken above the channel’s upper
boundaries and retested is as support as well. The 23.6% retracement level ought to serve
as support. The MACD climbed above the zero line and although the momentum was neutral
at the time of writing, this could change if significant volume is seen in the market.
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