YFI,EOS, Algorand Market Analysis for 23rd January 2021

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EOS developed a scallop trend on the charts, and a decline below $2.55 could see it heading as far south as $2.3 within the next week. Algorand changed its opposition to help and showed signs of instability as it entered the $0.55 region. Finally, YFI soared above $30,000 but can see a slight dip to re-test the $28,900 support band.

yearn.finance [YFI]

The Awesome Oscillator was under zero and denoted recent bearish pressure. However, it was also forming green bars to signify that bearish momentum was weakening. A bullish double peak set up could yet form and that would be a signal to buy.

The Stochastic RSI was correcting from overbought territory. This showed that YFI would likely see a minor dip to retest the $28,900-level of support in the coming hours.

EOS

EOS, Algorand, YFI Price Analysis: 23 January

Source: EOS/USDT on TradingView

It was noted previously that the price was in the process of forming an inverted and descending scallop pattern. This pattern would be validated if EOS drops below $2.55, and could lose the level of support at $2.44.

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Ceding this level to the bears could see EOS drop as low as $2.3 in the coming days. The RSI dropped below neutral 50 and stayed beneath it over the past few days to indicate that a downtrend was in progress.

Algorand [ALGO]

EOS, Algorand, YFI Price Analysis: 23 January

Source: ALGO/USD on TradingView

ALGO climbed up to $0.5 above the amount of support. The sales pressure a few days ago caused ALGO to dip as low as $0.425, but buyers were swift to push up prices on the charts.

As the OBV has demonstrated, the number of sales has slowly risen, suggesting that there was real consumer demand among consumers.

The short-term goal for bulls is the $0.54-$0.56 range, a zone that served as a liquidity pocket. The market bulls will want to turn this area into one of demand on the road to hitting the $0.63 resistance range.

 

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