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28 July 2021, Wednesday
Ethereum, Tezos, Algorand Price Analysis: 28 November
The market cap of all cryptocurrencies was valued at $513.7 billion, and Bitcoin commanded a 62.92% share of that valuation. Although Bitcoin Dominance has fallen in recent days, it has been in a steady uptrend since early mid-September. Ethereum boasted a $59 billion market share, a number that can be expected to rise in the coming months as development takes place toward shard chains. In the short-term, Ethereum was pushed up strongly off support at $480 and was trading on low volume going into the weekend. Tezos was in a phase of consolidation, and Algorand was likely to be rejected at the $0.31 level of resistance.
Ethereum has been trading on notably low volume going into the weekend. The price fell to $480 on its retracement from $620, and was strongly pushed upward.
In the past two days, a bounce in the price can be seen with the price forming a series of higher lows. Yet the RSI showed momentum was strongly in favor of the bears.
$500 is a strong level of psychological support, and hence a close beneath the ascending trendline can be expected to drop to $500. Wicks further downward would be likely to be bought up.
The hourly chart for Tezos showed Bollinger Bands that were relatively tight around the price. Combined with a low trading volume, XTZ was in a phase of consolidation above the level of support at $2.29.
The recent, strong move to the downside was preceded by bullish momentum, for XTZ through November, after finding its local bottom at $1.81 a few weeks ago.
XTZ can be expected to be strongly influenced by the movement of Bitcoin and Ether, with the medium-term trend being bullish.
The 20 SMA (white) was on the verge of crossing beneath the 50 SMA (yellow), while the Awesome Oscillator also showed that momentum was on the side of the bears.
The Chaikin Money Flow showed that capital was flowing out of the market in the face of selling pressure.
Taken together, ALGO was unlikely to scale the level of resistance at $0.31 and can drop toward support at $0.25 in the coming days, although $0.28 is also a region of demand.
