Altcoins

Algorand, Cronos, Litecoin Price Analysis: 01 March

Whereas the worldwide crypto market poked above the $2 Trillion-mark, Algorand’s 20 EMA moved above its 50 EMA. But it surely confronted a powerful hurdle close to the 23.6% Fibonacci degree. Additional, Cronos noticed an ascending triangle breakout however struggled to topple its trendline resistance. 

Curiously, Litecoin fashioned a bullish sample on its 4-hour chart whereas the bulls wanted to defend the $111-mark to substantiate its power.

Algorand (ALGO)

ALGOUSD 2022 03 01 14 22 50

Supply: TradingView, ALGO/USD

The January sell-off fueled the already existent bearish tendencies of ALGO. Consequently, the alt misplaced almost 61.5% of its worth (from 5 January) and poked its seven-month low on 24 February.

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Because the $0.68-mark assist stood sturdy, the alt noticed a rising wedge (white) restoration. But it surely nonetheless confronted a barrier on the 23.6% Fibonacci degree to substantiate a powerful restoration. Now, with the 20 EMA (inexperienced) looking for a sustained shut above the 50 EMA (purple), the bulls displayed their growing affect.

At press time, ALGO was buying and selling traded at $0.8624. The RSI stood on the 58-mark after assuming an up-channel trajectory. If the sellers fail to defend the 61-resistance, an extra restoration towards the overbought area could be possible. 

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Cronos (CRO)

CROUSD 2022 03 01 14 58 12

Supply: TradingView, CRO/USD

Since shedding the $0.53-mark as assist, CRO has managed to discover a ground at $0.33 whereas guaranteeing the ceiling on the $0.53-level. Within the downtrend part, it misplaced almost half its worth and hit its two-month low on 22 January.

Over the previous few days, after breaking out of the down-channel (white), the bulls began to exert stress by marking increased troughs. Consequently, CRO witnessed an ascending triangle breakout. However this breakout halted on the trendline resistance (yellow, dashed). Now, any retracements would discover assist testing grounds within the $0.42-range.

At press time, CRO traded at $0.4374. The RSI grew in an up-channel (yellow) whereas revealing a bullish edge. Any shut under the 61-level may trigger an extra pullback. 

Litecoin (LTC)  

LTCUSDT 2022 03 01 15 13 58

Supply: TradingView, LTC/USDT

LTC’s earlier rally from January lows halted close to the $143-resistance. Consequently, it reversed and misplaced over 37% of its worth and plunged towards its 14-month low on 24 February.

Consequently, the bears flipped the very important $105-mark from assist to resistance. In the previous few days, LTC noticed an inverse head and shoulder sample on its 4-hour chart. However its breakout was shunned by the $114-mark. The consumers wanted to step in on the $111-level to forestall an extra downfall.

At press time, LTC was buying and selling at $111.9. The RSI nonetheless hovered above the half-line. The 57-mark could be essential for the bulls to defend and make sure an extra restoration.

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