By Nathan Ferguson
The cryptocurrency spectrum saw some relief on the assets chart over the past day following massive drops over the previous week. Litecoin experienced a slight rebound from $102. Algorand saw a price bounce also. However, ApeCoin was the only token with genuine demand over the past few days.
Litecoin (LTC)
Litecoin exhibits a bearish picture on its price charts as the hourly timeframe Relative Strength index stayed blow neutral 50. Furthermore, the $107 – $108 range served as a near-term bearish breaker as LTC price might climb to this zone to gather liquidity before another downward move.
The VPVR showed Litecoin plummeted below the previous month’s VAL (Value Area Lows). Thus, LTC should surge beyond $112 to initiate a bullish momentum.
Algorand (ALGO)
Algorand also maintained downside trends over the previous week. Nevertheless, the Awesome Oscillator displayed some bullish strength, and the alt attempted to push beyond $0.74 following a higher low near $0.705, past $0.618, the previous lows.
The on-balance volume hiked slightly over the last day but could not reflect massive buying. Furthermore, the price remained under the 78.6% retracement area of Algorand’s move to $0.988 from $0.673 in March’s second half. Hence, enthusiasts can expect the $0.74 – $0.78 range to pose a challenging resistance to LTC’s price movement.
ApeCoin (APE)
ApeCoin was the only token out of the three that seemed to shift its chart’s outlook. The on-balance volume maintained steady downtrends since the late sessions of March. However, the narrative changed over the previous two days.
The OBV saw a rapid upside action, reflecting buying momentum in the market. Meanwhile, APE consolidates beyond the $10.69 support floor for some days before the current bullish impetus. The Relative Strength index also stayed beyond the neural 50 over the past few days, and the indicators displayed a massive upside strength with its 71 reading.
Flipping $12.5 to demand from the supply in the coming days might reveal a ‘buy’ opportunity.
The crypto space flashes downtrends at the moment. The global cryptocurrency market cap dropped 0.61% over the past day to $1. 86 trillion. The altcoin market will depend on overall market sentiment for upcoming directional biases.