Cardano showed a bearish divergence on the charts that played out in the near-term and saw the price drop toward $0.1 once more. Monero registered some selling pressure beneath an important level of support. Algorand showed signs of bullishness and could be set to register good gains in the coming days after a break out from a bearish trend.
Cardano [ADA]
Source: ADA/USD on TradingView
Cardano showed a bearish divergence on the charts as price made equal highs while the momentum indicator (RSI) made higher highs. This divergence played out and ADA dropped to test the $0.1 region in succeeding trading sessions.
A longer time-frame analysis showed that ADA might retest support at $0.09 a few days hence, although the weekly timeframe showed oversold.
At the time of writing, RSI was at 65 and showed bullish momentum still prevailed for the asset. ADA rocketed past resistance level at $0.9 after reaching a low at $0.77 support.
Cardano was likely to continue to register gains after a few days of consolidation near the $0.1 mark.
Monero [XMR]
Source: XMR/USD on TradingView
Monero closed a trading session outside an ascending channel but did not break beneath support at $95 as expected. As shown by the cyan arrows, the selling volume was not quite good enough to force the price lower.
This showed that XMR still had a good chance of reclaiming the $100 level, as the seller conviction was unable to force XMR downward.
The MACD performed a bearish crossover, but since this was above the zero line, it was a weak sell signal, and the price might cause a bullish crossover on the MACD in the near future.
Algorand [ALGO]
Source: ALGO/USD on TradingView
Algorand broke out of a descending channel, with a projected target at $0.45 in the next week or two. On a short-term outlook, ALGO was quite bullish.
20 SMA (white) crossed above 50 SMA (yellow), while Parabolic SAR also generated a buy signal. Combined with a bullish breakout, Algorand can be expected to register further gains.
The next level of resistance for the asset lies at $0.39, although some selling pressure can also be expected in the $0.35 zone.
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