Bitcoin’s positive price action attracted buyers, and altcoins reacted favorably. Algorand and GALA had lost considerable value in the last week. However, during the previous 24 hours, ALGO and GALA recovered considerably.
Algorand and GALA had gained 6% and 6.7% at press time, respectively. Most altcoins today have reacted positively to Bitcoin’s upward jump.
Algorand/USD Four-Hour Chart
Algorand was trading at $1.34 with immediate resistance at $1.45. Although ALGO traded northwards, it was trading too close to its robust support level of $1.12. After trading within the downward channel for the last two weeks, the coin has finally seen appreciation owing to the strength of the broader market.
Technicals have pointed towards bullishness in the market. However, the coin was not completely immune from a bearish turn.
The Relative Strength Index made a recovery from the oversold zone as it neared its mid-line. Buying strength shot up as ALGO brought in gains in the last 24 hours. The Directional Movement Index was bullish as the +DI line crossed above the -DI line. The Average Directional Index has pointed towards a trend weakening, indicating that a price reversal could occur over the upcoming trading session.
GALA/USD Four-Hour Chart
GALA was trading at $0.440 and broke above the descending channel that it had been trading within for the last two weeks. GALA’s price movement has been quite consistent, considering how prices had plummeted right after the coin secured its ATH just last month.
Immediate resistance for the coin was at the $0.545 level and local support levels extended from $0.412 to $0.360. Contrastingly, the coin’s prices were seen above the 20-SMA line, a reading that meant sellers were the price-makers of the market.
The Relative Strength Index reflected that although GALA’s price action remained consistent, the coin failed to register the investor’s and buyer’s confidence as the indicator mostly hovered below the half-line. RSI at press time, however, tried to make an uptick which meant that buyers were entering the market even though sellers primarily continued to dominate the market.
On Balance Volume, on the other side, preferred the bulls, which also signaled increased buying strength. This could also mean that the prices of GALA might witness a reversal.
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