Bitcoin Magazine will be looking at the price movements of seven cryptocurrencies including Audius (AUDIO) and Algorand (ALGO), which rose significantly on November 18 but did not maintain their upward trend.
BTC has been trading on an ascending parallel channel since October 20th. It was recently rejected by the channel’s resistance line on November 10th, having just hit an all-time high.
It is currently hovering around the USD 59,700 support area and the channel’s support line (green symbol).
However, both the MACD and RSI support another downtrend towards $ 54,000.
BTC / USDT 6-hour chart | Source: TradingView
Much like BTC, Ethereum (ETH) has fallen since it hit a new all-time high on November 10th.
Currently, ETH is trading just above the minor support at $ 4,020. This support area is created by the .382 fib retracement support.
However, there is stronger support at $ 3,760 created by both the 0.5 fib retracement level and the horizontal area of support.
ETH / USDT 6-hour chart | Source: TradingView
On November 18, XRP (XRP) tried to move up. However, it has been rejected by the $ 1.18 horizontal resistance area (red symbol). This creates a long upper wick, which is a sign of sales pressure. After that, tokens fell.
However, it is still holding above a rising support line that has been in place since September 21st. As long as this is the case, the bullish structure remains intact.
XRP / USDT 2-hour chart | Source: TradingView
On November 2nd, Audius (AUDIO) broke out over a descending parallel channel. The previous channel has existed since August 16. The breakout indicates that the correction is complete. This possibility was solidified after the token validated the channel as support (green icon).
On November 18th, AUDIO started a strong bullish move and broke above the $ 3.10 resistance area. At one point it was up 81% over the day. However, the bulls were unable to keep the price at the higher levels and it has since fallen back below the resistance area. This leaves a long wick at the top, which is a sign of pressure to sell.
As long as AUDIO is trading below the USD 3.05 resistance area, the trend cannot be viewed as bullish.
AUDIO / USDT daily chart | Source: TradingView
Sandbox (SAND) has grown rapidly since November 16th. It grew 90% in just three days.
This resulted in a new all-time high of $ 4.32 on November 18th. The high was hit directly on the external fib retracement resistance of $ 1.61 at $ 4.33.
If the SAND breaks above it, the next resistance will be at $ 5.76, which is the outer fib retracement level of 2.61.
SAND / USDT daily chart | Source: TradingView
The waves (WAVES) have been bearish since October 14th along with a descending resistance line. This resulted in a low of $ 19.53 on October 12th.
After that, however, the token rebounded and returned to the horizontal zone of $ 21.50. In addition, a double bottom formed which is believed to be a bullish pattern.
When WAVES breaks above the descending resistance line, it confirms that the short-term correction has been completed.
Daily WAVES / USDT Chart | Source: TradingView
Algorand (ALGO) began a rapid upward move on November 18, reaching as high as $ 2.82 on the same day. This number corresponds to an increase of 70%.
However, it failed to sustain the upward trend and created a long top wick. As a result, the price fell below the horizontal resistance area of $ 2.35.
In order for the trend to be considered bullish, ALGO must reach a closing price above this level.
Daily ALGO / USDT Chart | Source: TradingView
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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