While Bitcoin’s price action hasn’t been very inspiring since the start of July, many of the altcoins have registered stunning uptrends. Altcoins such as Cosmos and Algorand have both come very close to doubling their coin’s value in the past two weeks, while a more conservative uptrend was noticed with EOS.
EOS
Source: EOS/USD, TradingView
EOS currently occupies 12th spot on CoinMarketCap’s list with a market cap of $2.32 billion. Since the start of July, the price of EOS rose by over 10 percent bringing its current trading price to $2.5. If the uptrend were to continue the coin is soon likely to be met with resistance at $2.7. However, if the bearish pressure were to kick in the coin has two strong supports at $2.4 and $2.2.
The MACD indicator has undergone a bearish crossover and signals the possibility of an upcoming price drop. The Stochastic indicator has now plunged towards the oversold zone and echoes a similar sentiment.
Cosmos [ATOM]
Source: ATOM/USD, TradingView
Unlike EOS, the trading price of Cosmos surged by over 70 percent in the past few weeks. At press time, Cosmos is being traded at $4.3 and has noted a market cap of $818 million. The current trading price is inching closer to the resistance at $4.7. However, if the price action were to take a turn for the worse, the Cosmos may have to rely on the support at $2.7 and $2.4.
The EMA ribbons for Cosmos have now settled below the trading price of the coin and is likely to offer support. The MACD indicator underwent a bullish crossover at the start of the month, with the possibility of a reversal not likely in the short term. Earlier in the month, Cosmos along with Polkadot, and Terra revealed a new DeFi savings product called Anchor that will offer dependable interest rates on stablecoin deposits.
Algorand [ALGO]
Source: ALGO/USD, TradingView
Algorand saw its price surge by over 81 percent bringing its current trading price to $0.3 and its market cap to $262 million. If the price were to continue on the uptrend it is soon going to be trying to breach the resistance at $0.4. The support at $0.2 has been tested in the past month and is likely to stabilize the coin’s price if it were to see a dip in its price in the coming days.
The Stochastic indicator shows strong bullish sentiment as it remains in the overbought zone. The Bollinger Bands are once again widening implying a substantial increase for the coin’s trading price. A few days ago, Algorand was in the news after U.S.-based crypto exchange Coinbase added Algorand to its main site – Coinbase.com.
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