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With Bitcoin clawing its way back towards $60k, the wider altcoin market has spread the bullish momentum and gained over the last 24 hours. At the time of publication, the king coin was valued at $57,932, with Litecoin, Waves, and Algorand both forecasting bullish movement. However, both LTC and WAVES were supposed to experience a slight pullback before the next leg upwards.
After developing lower highs and lower lows from a local peak of $335, Litecoin formed a descending channel on its 4-hour timeline. A breakout from this trend helped LTC reclaim the zone above $260, but there was some resistance around $275.
The press time price level was in overbought territory, according to the Stochastic RSI, and a slight pullback from the upper ceiling can be forecast. This could happen about the $260 mark, which corresponds to the 50-SMA (red). The Awesome Oscillator, on the other hand, indicated bullish momentum, which could push the market to $300 in the coming days.
The Waves business has seen significant losses as a result of the previous week’s high uncertainty. On the 4-hour graph, a bullish flag breakout resulted in a more than 20% increase from the upper trendline as WAVES soared above $23. However, the last few sessions have seen a rising channel, and a small pullback until the next upswing is possible.
The Awesome Oscillator displayed a bearish twin peak configuration, indicating that the price could drop to the $21.6-support stage. Given a bullish wider economy, the AO will most likely stick above the half-line. Since the index closed in on a bearish crossover, the MACD was also in favour of a modest pullback.
The fall of Bitcoin’s price below $60k has a negative impact on Algorand’s price, which fell nearly 50% from $1.79. A single candlewick fell as low as $0.95, but steady buying was observed in the ALGO market from this point forwards. Indeed, the past week has been very bullish, with the cryptocurrency gaining more than 20% and setting new lows. The next goal was $1.50, but bulls will have to clear some opposition at $1.45 first.
A bearish crossover in the MACD will hinder the bulls’ effort to drive ALGO higher. On the positive hand, the Chaikin Money Balance stopped falling below half a point as capital inflows outpaced outflows. Capital inflows could avoid a split from the $1.24-support level.