Algorand, Enjin Coin, Hedera Hashgraph, Monero Price Movement Analysis for 7th April, 2021

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Algorand waited for more signals to leave its radius. Hedera is a kind of cactus. If the price slips below its long-term moving average axis, Enjin Coin forecasts a sluggish economy. Hashgraph was expected to drop its $0.308 funding. Finally, as it reached the critical resistance level of $282.9, Monero displayed bullish activity.

Algorand [ALGO]

On the 4-hour chart, Algorand seemed to have broken out of its range of $1.44-$1.23, but a bearish candlestick ruled out a breakout prospect, at least in the short term. However, trading rates have been increasing, suggesting that the bulls were gaining momentum ahead of the next major swing.

The MACD should be closely monitored in the coming sessions to better grasp ALGO’s trajectory. If the MACD falls below equilibrium after a bearish crossover, ALGO will break out of its channel and head towards the $1 level. The ADX remained steady at 18 and shows no discernible pattern. Both the MACD and volumes must trend higher in order for a northbound breakout to occur.


Enjin Coin [ENJ]

Source: ENJ/USD, TradingView

After a period of bearish movement, Enjin Coin flipped the $2.33 area to a line of resistance once more. Furthermore, the stock was in danger of falling below its 200-SMA (green), which would result in a subdued market in the coming weeks.

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The dotted markers of the Parabolic SAR shifted below the candlesticks, emphasising the downtrend. The RSI was approaching oversold territory.

Hedera Hashgraph [HBAR]

Source: HBAR/USD, TradingView

It just seemed a matter of time before Hedera Hashgraph succumbed to the $0.308-support on the 4-hour chart. So far, the above level has defended a sell-off on several occasions over the last 25 days, but the sector was showing warning signs. Trading volumes have been declining in recent days, although the OBV has been trending lower after a consistent uptrend in March.

According to the Awesome Oscillator, momentum was also bearish, and it remained below the equilibrium level over the last seven days. In the event of a failure, HBAR can find help at $0.251.

Monero [XMR]

Source: XMR/USD, TradingView

Bulls in the Monero sector defied bearish divergences highlighted in a previous report and managed to drive north on the 4-hour timeline. Since reversing to a support level of $262.67, the bulls are now aiming for the upper limit of $282.9. Clearing this threshold will have long-term consequences for the market. A breakout would not only complete XMR’s recovery after the late February pullback, but it would also enable the cryptocurrency to continue its upward trend in the long run.

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The MACD was similar to a bearish crossover, but it was still above the half-line, indicating that the bulls are not in danger of losing the business. Meanwhile, capital inflows have been solid, according to the Chaikin Money Fleece Index.

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