EOS, Bitcoin Cash, Algorand Market Analysis for 14th January 2021

EOS developed a bullish trend, a breakout from which it would target a resistance level of $3. Bitcoin Cash regained an important part of demand after dipping to $400 and was on its way to recovery to $600. Algorand suggested a neutral short-term traction, and only an increase above $0.45 would point to the probability of testing $0.5 for ALGO.

EOS

The gains from previous weeks have been almost entirely washed out in 32 hours, as EOS has been forced to pursue assistance as far south as $2.44.

For the last two days, EOS has seen an upward triangle trend, a bullish pattern that normally sees the stock upside down. The low level of trading at the same time shows that industry players are already awaiting a break-up.

This is going to set a target of $3 for the bulls. The $2.6 region will be tested again at a trading session near below the pattern.

The RSI had a neutral 50 value at the door, suggesting a short-term loss of momentum, but a rise of more than 50 points to a bullish move.

Bitcoin Cash [BCH]

Bitcoin Currency, closely associated with Bitcoin, was forced to retrace some of its recent gains after the Bitcoin reversal a few days earlier. This step down in no way suggested a turnaround of the pattern, but just the short-term momentum moved to the bearish side.

That, too, took a turn a few hours ago when BCH sought help at the 38.2 percent retracement mark. The MACD climbed back over the zero line and developed a bullish crossover, and the stock soared above the psychological threshold of $500.

A re-test of the $500 area as support is likely over the next few hours, but bulls reclaiming the $450-$460 region over the past few days have been a big bullish development. The imminent rate of resistance for BCH are $550 and $630.

Algorand [ALGO]

On the 1-hour chart, it can be seen that ALGO formed a double top pattern, fell to test the $0.39 level multiple times but the level more or less withstood the bearish pressure.

This defense saw ALGO bounce back toward the $0.43 mark. The reaction of the price over the next few hours would dictate the short-term direction of the market. As indicated by the OBV, the selling volume has been steadily rising for nearly ten days, yet the past two saw rising demand.

The coming hours would reveal which way the market swayed, and the $0.39 support or $0.5 resistance will be the levels ALGO can be expected to test.