Even though market leaders ETH and BTC were trading at record levels, altcoins like ADA and ALGO seemed to ignore bullish cues and flashed red signals at press time. At the time of writing, Bitcoin was on the verge of hitting the $50k mark and had a market cap of over $922 billion.
Source: CoinStats
On the other hand, the indicators were mixed on TRX and it was possible to step in either direction in the coming sessions.
Algorand [ALGO]
Source: ALGO/USD, TradingView
Even though Algorand’s price had changed little at the time of writing, the bulls could lose $1.39 in support, as trading rates and buying activity remained subdued in the last 24 hours. In the MACD, a bearish crossover contributed to the unfavourable outlook for ALGO in the short term.
The Bollinger Bands noted high volatility in the ALGO market as prices were vulnerable to fluctuations. A fall below the signal line might cause a downtrend for the cryptocurrency. On the other hand, an increase in purchasing activity might see ALGO shift towards the $2 mark.
Cardano [ADA]
Source: ADA/USD, TradingView
Bulls gave the $0.9 resistance to the sellers as Cardano slipped below its 20-SMA (blue) at the time of publishing. A selling at this price level could lead to a fall below 50-SMA (yellow) which would mark the beginning of a downtrend in the short-term. In addition, the indicators favoured the bearish prediction, as the trend seemed high on the bearish side.
The Amazing Oscillator’s red bars and the MACD’s histogram showed increasing bearishness in the ADA market as the price was moving towards the $0.77 support stage. The only source of hope was a healthy number of customers on the market, which might offset some of the sales pressure.
Tron [TRX]
Source: TRX/USD, TradingView
Power in the wider market reflected in Tron’s price and cryptocurrency has risen by almost 5% in the last 24 hours. However, the formation of a marubozu candlestick may be a worrying sign to bullish investors, as it normally signals a bearish pullback.
The on-chain metrics did not lean strongly towards the bearish side as his RSI settled around the 60-mark, while the CMF held above the half-line despite dropping over the last few sessions. In the event of a pullback, the bulls will possibly hang on to the $0,057 support mark.
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