422 Interactions, 6 today
In the short term, Algorand expected neutral traction, while Nano bulls aimed to turn the $5 stage from opposition to help. Tron developed a triangle pattern on the charts and was returning to the $0.084-support mark.
ALGO checked the $1.42 resistance barrier and built a higher low as investors stepped in at the $1.24 support level. According to the RSI, momentum for ALGO was neutral at the time of publication.
A return to $1.24-$1.28 would most likely be an area to buy ALGO, with $1.42 as the take-profit on such purchases in the coming days. If the market closes below $1.22, bears can convert this level from resistance to support.
The $1.31-mark was in the centre of these two stages of support and opposition, and ALGO’s response at this stage would affect its short-term trajectory even further. If this level is not defended, ALGO will most likely fall back to $1.24. If this level is not defended, ALGO will most likely fall back to $1.24.
NANO’s short-term outlook was clearly positive, as it jumped off the $4.1-mark over the past week and made steady progress to reach $5.5 before pulling back to challenge the $5-support level.
However, the 4-hour chart shows that $5.33 is a significant degree of resistance. The OBV has been declining since late February, and the Chaikin Money Flow fell below the -0.05 level once more after heavy selling stopped NANO from closing above $5.33.
The $4.98-$5 area is a main support zone, with the $5.33 stage serving as overhead resistance. If the bulls flip it to help, this level will provide buying opportunities.
On the hourly chart, TRX developed a descending triangle pattern. The trade rate was declining. On the hourly scale, the MACD displayed neutral to mildly bullish traction, while longer timeframe charts showed a highly bullish TRX.
TRX will be moved lower to $0.082 and $0.077 if it breaks out north of this pattern. If TRX breaks out south of this pattern, it will be pushed back to $0.097. If TRX breaks out south of this pattern, it will be pushed back to $0.097.