Cosmos had finally managed to break over its immediate resistance of $36.94. Over the last 24 hours, the coin surged 9.6% and was trading at $38.34. It has been a relatively good month for both ATOM and ALGO.
For Algorand, too, this past week has brought in substantial recovery. Over the past week, ALGO registered a 10.8% gain. At press time, Algorand was trading for $1.77. The technical outlook remained positive for both the coins with sustained positive price action. Both Cosmos and Algorand could target growth of about 9%.
Cosmos/ATOM/USD Four Hour Chart
ATOM was trading within an ascending channel, securing higher highs in the past week. At press time, the coin was seen trading outside the channel. ATOM hadn’t gone past the $36.91 mark in almost two months. However, in the last 24 hours, the coin was seen trading above that price mark.
Overhead resistance for the coin was at $40.78, while the support level for the coin rested at $25.45 and then at $20.93. Near term, technicals displayed bullish sentiments with buying strength mounting in the market at the time of writing.
The Relative Strength Index was again seen near the overbought zone. The indicator had touched that level a couple of times the past month, with the reading indicating growth in buying volume.
The Awesome Oscillator displayed green histograms at the time of writing as the coin’s prices were positive with the significant gains it posted over the last 24 hours. MACD underwent a bullish crossover, after which the indicator displayed green histograms.
ALGO/USD Four Hour Chart
Algorand was priced at $1.77 with a price ceiling at $1.95. On the reverse, ALGO’s price floor stood at $1.62, and the coin had secured robust support at the $1.44 price level. Although ALGO mostly displayed trading within an immediate resistance and price floor, it registered significant gains. In the past 24 hours, the coin rose 8.4%.
On the four-hour chart, the ALGO price positioned above the 20-SMA line, signifying that buyers had taken over the price momentum in the market at the current moment. Other indicators, too, corresponded with the reading above.
On Balance Volume had spiked massively in November, displaying that there was a steep growth in buying volume in prices. At press time, OBV was bullish, and buying volume was high, as the indicator suggested.
The Relative Strength Index was above the half-line corresponding to the buying strength in the market. With continued buying strength, ALGO also could attempt to trade above its immediate resistance, which would bring in a 7% growth in its ROI over the coming trading sessions.
- Goldman Sachs Says Mainstream Crypto Adoption Not Enough to Boost Bitcoin (BTC) Price
- Fidelity Eyes for ETFs Tied to Metaverse After the SEC Rejects Its Spot Bitcoin ETF
- Rio De Jeneiro’s Mayor Reveals 1%Of Its Treasury Reserves Will Be Poured Into Cryptocurrencies
- Fake Grimacecoin Jumps 285,000% After McDonald’s’ Response to Elon Musk Tweet
- Turkey President Tayyip Erdoğan Orders For Metaverse Research
- After Twitter, Reddit Might Allow Users To Add NFT as Profile Picture
- Facebook’s Bumbling Crypto Venture Diem to Wind Down, Sell Assets
- Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
- Just-In: OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet
- Can Bitcoin’s Price Hit $1 Million? Ark Invest Is Confident It Can Happen In 2030
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?