Cardano, Solana, Algorand Price Movement Analysis for 4th October, 2021

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Over the last 24 hours, the cryptocurrency market saw a drop in prices as several industry altcoins met with lower buying strength. Cardano was trading near the immediate support level of $2.13, while Solana fell 3.3 percent despite having a positive buying strength. Algorand, on the other hand, gained 9.6 percent and was approaching its three-week high price level.

Cardano (ADA)

Cardano has dropped nearly 4.5 percent in the last 24 hours and is now trading at $2.18. Over the last day, the coin experienced a sell-off, resulting in a drop in price. If the coin falls below its current price level, it may trade near its support level of $2.13, and then at $1.98. Price action was bearish, according to technical indicators.

As the coin experienced increased selling pressure, the Relative Strength Index remained in the bearish zone. As dotted lines were seen above the candlesticks, parabolic SAR also demonstrated a downtrend. As the previous trading sessions were in the red, the Awesome Oscillator began to flash red signal bars one after the other.

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In the event of buying pressure re-entering the bullish zone, it could drag prices up to touch the one-week high of $2.42. The other additional price ceilings stood at $2.60 and $2.80, respectively.

Solana (SOL)

Cardano, Solana and Algorand Price Analysis: 04 October

SOL/USD, TradingView

Solana was down 3.3 percent in the last 24 hours, trading at $167.56. It could find immediate support at $163.07, followed by $140.91. The coin’s additional price floors were $120.74 and then $98. Despite the fact that there was some buying pressure in the market, the technical outlook for SOL has shifted to the downside in the last day.

Red signal bars flashed on the Awesome Oscillator. Bollinger Bands shrank, indicating that price volatility would be low in the coming trading sessions. Despite a drop in buying strength, the Relative Strength Index remained in the bullish zone near 60.

If the buying pressure continues to remain above the mid-line prices could witness a recovery and attempt to revisit the $179.02 price ceiling.

Algorand (ALGO)

Cardano, Solana and Algorand Price Analysis: 04 October

ALGO/USD, TradingView

Algorand, on the other hand, moved in the opposite direction of the market. It had gained 9.6 percent in the previous 24 hours and was trading at $2.04. The buying strength has increased in the last day, which is why ALGO has increased. The coin’s immediate overhead resistance was at $2.24, followed by ALGO’s multi-week high of $2.41.

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ALGO’s price was above the 20-SMA on the four-hour chart, indicating that price momentum was in favour of buyers.

As ALGO was overbought, the Relative Strength Index reached a three-week high. Green signal bars were displayed by Awesome Oscillator. MACD also displayed green bars on its histogram, indicating that prices were rising.

The coin’s corrective pullback can bring prices down to $1.93 and then to $1.71. The other price floor for Algorand was at $1.51.

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