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Many of the market’s altcoins have seen small price changes in the last few days, after a brief bearish run in the market. Such was the case with common altcoins like Algorand, Chiliz, and Polkadot, which saw their prices increase by up to 8% in the last 24 hours.
Algorand is currently ranked 39th on CoinMarketCap and is trading at $1.18 following an 8 percent increase on the charts in the last day. The coin’s price fell at the start of the week, but if one looks at the coin’s long-term price activity, it is clear that ALGO has been in a sustained phase of consolidation. The coin is now trading between $1.27 resistance and $0.96 help.
The MACD indicator had a bearish convergence a few days ago, suggesting that a pattern turnaround is on the way as MACD approaches the signal line. The RSI indicator seemed to be reasonably bullish as it continued to trend towards the overbought sector.
This month has been very notable for Chiliz, as the coin’s price has skyrocketed. The previous week, on the other hand, saw a pattern turnaround as CHZ was overwhelmingly denominated by sellers. However, circumstances are shifting as the coin begins to rise once more. CHZ was selling at $0.52 at the time of publication, with high resistance at $0.79. If the bears make their existence known again, CHZ will depend on the solid support at $0.39.
After settling below the coin’s current selling price, EMA ribbons are expected to help maintain the current price range. The RSI indicator had sunk below the overbought region but stayed close to it, indicating that the market is still dominated by buyers.
Polkadot’s stock activity has been largely sideways over the last month. Despite recent small dips, the coin has kept up. DOT was priced at $33.2 at the time of publication, having previously bounced off the help at $28.1. The resistance level of $39 remains unbroken and has stymied the coin’s bullish momentum on several occasions.
The MACD and Stochastic measures suggest that a price reversal is on the way. The MACD indicator has made a bearish crossover, and the Stochastic indicator has sunk deep into the oversold region – all of which are typical indicators of rising market bearishness.