The entire digital asset market lately has been something of a roller coaster over the last week. The largest altcoin Ethereum, which has seen successive declines in recent days, could finally have a bull run.
The Algorand market showed mixed signals of buy and sell sentiment. While expectations around a bullish breakout could clear the turmoil in the BitTorrent market.
A general uptrend was evident on Ethereum’s hourly chart. ETH price in the past 24 hours moved above the $ 365.39 support level and towards a higher resistance level at $ 367.44.
the MACD The indicator continued to give a buy signal after its bullish crossover between the signal line and the MACD line, with the MACD line pointing up.
the Chaikin money flow Although the indicator noticed a slight drop recently, it was still above the zero line.
This is an indication that capital inflows are still higher than capital outflows, with buyer sentiment intact in the Ethereum market.
The Algorand trend lines showed a clear downtrend. However, a good buying momentum observed in the ALGO market resulted in a 2% price increase in the last 24 hours.
The support price of the cryptocurrency has remained at $ 0.304 while the resistance at $ 0.317 has not yet been broken. the Bollinger Bands on ALGO pointed to a clear divergence, which was indicative of increased volatility levels.
This also resulted in prices soaring towards the upper bands. the Awesome oscillator however, it has worsened, having witnessed a bullish cross not long ago.
The closing red bars indicated a minor pullback, which could become more prominent in the upcoming trading sessions.
BitTorrent’s price breakout could be lurking around the corner as it remains intact in the short-term symmetric triangle pattern (yellow lines).
Above all, the digital asset volume It has also been extremely low during its trading session for the day, which means that a possible breakout scenario might need a few more trading sessions to gain good momentum.
Stochastic RSI witnessed a drop below overbought territory, reflecting the turmoil in the BTT market. If it can continue to hold above the 50 level, BTT investors could soon benefit from a price break to the upside.
This is a machine translation of our English version.
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