BeIn Crypto takes a look at the price movement for seven cryptocurrencies, including Audius (AUDIO) and Algorand (ALGO), which increased considerably on Nov 18 but failed to sustain their upward movements.
BTC has been trading inside an ascending parallel channel since Oct 20. More recently, it was rejected by its line on Nov 10, after it just reached a new all-time high price.
Currently, it is hovering just above the $59,700 horizontal support area and the support line of the channel (green icon).
However, both the MACD and RSI support another downward movement towards $54,000.
Similarly to BTC, Ethereum (ETH) has been decreasing since it reached a new all-time high price on Nov 10. After breaking down from an ascending wedge, it validated it as resistance (red icon) before resuming its descent.
Currently, ETH is trading just above minor support at $4,020. This support area is created by the 0.382 Fib retracement support level.
However, there is stronger support at $3,760, created by both the 0.5 Fib retracement support level and a horizontal support area.
On Nov 18, XRP (XRP) made an attempt at moving upwards. However, it was rejected by the $1.18 horizontal resistance area (red icon). This created a long upper wick, which is considered a sign of selling pressure. The token fell afterwards.
However, it is still holding on above an ascending support line, in place since Sept 21. As long as it is doing so, the bullish structure remains intact.
On Nov 2, Audius (AUDIO) broke out from a descending parallel channel. The channel had previously been in place since Aug 16. The breakout indicated that the correction is complete. This possibility was strengthened after the token validated the channel as support (green icon).
On Nov 18, AUDIO initiated a strong upward movement and purportedly broke out from the $3.10 resistance area. At one point, it had increased by 81% during the day. However, it failed to sustain it and has fallen back below the resistance area since. This left a long upper wick in place, which is considered a sign of selling pressure.
As long as AUDIO is trading below the $3.05 resistance area, the trend cannot be considered bullish.
The Sandbox (SAND) has been increasing at a rapid pace since Nov 16. In a span of only three days, it has moved upwards by 90%.
This led to a new all-time high price of $4.32 on Nov 18. The high was made right at the 1.61 external Fib retracement resistance at $4.33.
If SAND manages to break through it, the next resistance would be at $5.76, which is the 2.61 external Fib retracement level.
Waves (WAVES) has been decreasing alongside a descending resistance line since Oct 14. This led to a low of $19.53 on Oct 12.
However, the token bounced afterwards and reclaimed the $21.50 horizontal area. Furthermore, it created a double bottom, which is considered a bullish pattern.
If WAVES were to break out from the descending resistance line, it would confirm that the short-term correction is complete.
Algorand (ALGO) initiated a rapid upward movement on Nov 18, reached a high of $2.82 the same day. This amounted to an increase of 70%.
However, it failed to sustain the upward movement and created a long upper wick. As a result, it fell below the $2.35 horizontal resistance area.
In order for the trend to be considered bullish, ALGO has to reach a close above this level.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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