Algorand, DigiByte, Nano, Tezos Price Movement Analysis for 24th March, 2021

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Algorand was projected to fall into the $1 mark, while DigiByte could reclaim its 50% Fibonacci retracement level as a result of high capital inflows. Tezos and Nano passed within their respective horizontal networks, with a short-term escape impossible.

Algorand [ALGO]

On Algorand’s 4-hour map, a downtrend was apparent after the price established lower highs and lower lows from the $1.35-resistance. The OBV developed lower highs as well, indicating a lack of purchasing interest in the industry. While the market was positive at the time of publication, profits were predicted to be limited to the $1.17 upper limit. ALGO’s downtrend will most likely see lower prices, with a possible rebound at the $1.03-support mark.

The aforementioned support zone has seen heavy purchasing activity, and a further breakdown seemed impossible unless the wider market gave bearish clues. Meanwhile, the MACD showed a bullish convergence as the fast-moving line rose above the Signal line, but this was supposed to reverse in the coming sessions.

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DigiByte [DGB]

Source: DGB/USD, TradingView

DigiByte was now in bearish terrain, according to Fibonacci retracement ratios, after the stock dropped below the 50% mark. Although the bulls did begin a revival, low trading rates played against a positive short-term forecast. The ADX remained stable at 22, indicating that a drop below the press time mark would possibly signify a phase of consolidation.

The Chaikin Money Flow, on the other hand, showed a close connection with the market, and healthy capital inflows could shift the scenario for DGB in the future.

Nano [NANO]

Source: NANO/USD, TradingView

After the wider market pullback in late February, the price of Nano has remained relatively stable. After a good start to the year, losses in the last 30 days totalled more than 20%. Nano has also been below the equilibrium of its horizontal channel for the last ten days.

The ADX was found to be below the 10-point mark, indicating a poor pattern. The Stochastic RSI was in the upper field, and a reversal would possibly hold the crypto-asset below the half-line of its press time channel.

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Tezos [XTZ]

Source: XTZ/USD, TradingView

Tezos saw bullish market activity in the last 24 hours, moving closer to the upper trendline of its horizontal channel. According to the OBV, buying demand was increasing. The Awesome Oscillator developed a bearish twin top, and the price fell below the channel’s equilibrium axis. At the time of publication, the index did mention a sequence of green bars as the market pushed north once more.

Although the on-chain metrics supported a positive result, buyers will need to outmatch sellers at the $4.5 level for a northbound breakout, which has not been the case in the last two weeks.

 

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