XRP moved within a thin channel and a breakout in either direction did not seem likely in the short-term. Tezos retested $2.84 support and eyed an upward move once again on the charts. ALGO’s price touched August 2020 levels, but a reversal seems quite likely given the overall sentiment.
XRP
Source: XRP/USD, TradingView
XRP retested the $0.284 level but the selling pressure dragged the price back towards $0.272 support. At press time, the world’s fifth-largest cryptocurrency by market cap was trading at $0.283, down by 0.14% during the last 24 hours. Moving forward, prices could trade between their present channel, and a broader market rally could be needed to push XRP above its resistance mark.
The Bollinger Bands indicated low volatility in price as the bands were constricted. The consolidation could see XRP continue its trajectory between the lower band and the signal line.
The Relative Strength Index was near the neutral 50-mark and pointed upwards. If the index rose towards the overbought region, the price could follow suit and revisit $0.299 resistance.
Tezos [XTZ]
Source: XTZ/USD, TradingView
Tezos’s movement has been erratic over the last few sessions. A minor pullback saw XTZ move lower from its local high and below the $2.84 support. Price retested this support level and rose once again towards its local high. A bullish scenario could see the price extend its rise and move towards the $3.0 mark. On the other hand, a bearish outcome could see prices fall below their present support and test the next barrier at $2.68.
The Stochastic RSI stabilized just above the oversold territory. A sharp move towards the upper region could lift the price in the near term.
The Chaikin Money Flow showed that capital inflows could maintain the coin’s trading price above its current support.
Algorand [ALGO]
Source: ALGO/USD, TradingView
Algorand snapped yet another local high at $0.6, a level not seen since August 2020. At the time of writing, ALGO was trading at $0.56, up by 16.7% since yesterday as its market cap reached the $700-million mark. An extended bull run could see the price snap new highs, but the indicators pointed towards a price correction.
The Relative Strength Index pointed lower after touching the oversold zone and signaled a potential reversal towards $0.51 support.
While the MACD’s fast-moving line was above the signal line, the histogram showed that the bullish momentum was slowing down.
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