326 Interactions, 2 today
In recent weeks, Algorand has seen an uptrend, while Bitcoin Cash was refused at $600, leading Bitcoin to slip down to $54k. To get back above $550, BCH would most likely require a strong Bitcoin jump. Nano changed the $5 resistance amount of help.
ALGO has been slowly rising over the last three weeks. In particular, a previous study found a bearish divergence between the OBV and the price, which was still present. Despite this, momentum remained on the bulls’ side, even though amount did not.
A retracement back to $0.9 is possible, but it is not necessary. The upward movement should be used to reach long positions – the $1.24 mark was retested a few hours ago to validate it as support, and the next goal was the $1.42 level.
As both the ADX (yellow) and +DI (blue) were above 20, the DMI suggested a clear uptrend in progress. The Stochastic RSI has corrected from overbought conditions and will begin to grow alongside the stock.
Bitcoin Cash [BCH]
The map trend was an example of a failed escape from an ascending triangle. Bitcoin dropped from $61.7k to $54k when BCH broke out and soared to $600, bringing BCH down under the $548-level of resistance.
The OBV spiked at the breakout, but subsequent selling pressure pulled it back to its previous level. The RSI was also pushed below 50, suggesting some bearish strain. However, the RSI has recovered in recent days, oscillating around the 50-point mark in the last 24 hours.
Following a solid move in BTC, Bitcoin Cash is expected to surpass $550.
The bearish pennant (white) that emerged in February saw a bullish breakout rather than a bearish one. NANO was refused at $6 and retreated to $4.75, where some demand was seen, and NANO flipped the $5 resistance level from resistance to help.
The MACD indicated bullish energy behind NANO, but the MACD and signal lines were close together, indicating a smaller degree of impetus. The Aroon predictor also struggled to expose a strong pattern in play.