XRP is moving in a thin channel, a two-way breakout did not seem likely in the near term. Tezos retested the $ 2.84 support and again saw some upward movement on the charts. The price of ALGO has touched August 2020 levels. But a reversal looks quite likely given general sentiment.
XRP
Source: XRP / USD, TradingView
XRP retested the $ 0.284 level, but selling pressure took the price back to the $ 0.272 support. The world’s fifth-largest cryptocurrency by market cap was trading at $ 0.283, down 0.14%. In the future, prices may trade between their current channel. A broader market rally may be needed to push XRP above its resistance mark.
The Bollinger bands indicated low price volatility with the bands restricted. Consolidation could see XRP continue its path between the lower band and the signal line.
Therelative strength index was near the neutral mark of 50 and was pointing up. If the index climbs towards the overbought region, the price could follow suit and revisit the resistance of $ 0.299.
Tezos [XTZ]
Source: XTZ / USD, TradingView
Tezos’ movement has been erratic over the past few sessions. A minor pullback saw XTZ move lower from its local high and below the $ 2.84 support. Price retested this level of support. He climbed again to his highest local. A bullish scenario could see the price prolong its rise. It could be heading towards the $ 3.0 mark. On the flip side, a bearish result could see prices fall below their current support and test the next barrier at $ 2.68.
The Stochastic RSI stabilizes just above oversold territory. A sharp move to the upper region could push the price higher in the short term.
The Chaikin Money Flow shows that capital inflows could keep the coin’s trading price above its current support.
Algorand [ALGO]
Source: SOMETHING / USD, TradingView
Algorand hit another local high at $ 0.6, a level not seen since August 2020. ALGO was trading at $ 0.56, up 16.7% from yesterday. Its market capitalization reached the $ 700 million mark. A prolonged bull run could see the price hit new highs. But the indicators pointed to a price correction.
Therelative strength index point lower after touching the oversold zone. It signals a potential reversal towards the $ 0.51 support.
While the MACD the fast line was above the signal line, the histogram showed that the bullish momentum was slowing down.
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