Although Algorand made impressive gains from its lows in February, it ran on thin ice. A sustained close below its pattern could support the alt before a $0.79 retest.
Furthermore, Ethereum Classic witnessed a bullish flip on its EMA ribbons. Their bulls now had to defend the 20 EMA to avoid a fallout. Also, Axie Infinity managed to rise above its SMAs as the RSI bounced back from the overbought mark.
Algorand (ALGO)
Source: TradingView, ALGO/USD
After struggling to topple the $1.8 resistance, the bulls have lost momentum following the heightened sell-off over the past two months. For example, the alt lost nearly 61.5% of its value (as of January 5) and retreated to its seven-month low on February 24.
Since then, ALGO buyers have made promising recovery efforts over the past week. As a result, the alt was up 27% from the $0.68 support. Meanwhile, the 23.6% Fibonacci resistance was still firm.
At the time of going to press, ALGO was trading at $0.8347. The RSI witnessed an up-channel outage in the past few hours. This break should find range support near the 45-47 point before a capture move. Looking at the MACDit becomes clear that the bullish momentum is declining.
Ethereum Classic (ETC)
Source: TradingView, ETC/USDT
After recovering from the $21 mark from its January low, ETC has managed to find an overrange in the $2-$30 zone for the past two weeks. After recently testing its bottom, the alt has spiraled steeply upwards into a rising wedge (white) on its 4-hour chart.
Consequently, the bulls eventually turned the EMA Ribbons in their favor after an ROI of almost 28% in just the past six days. From now on, the 20 EMA would be an essential support for the buyers to defend to avoid a pattern breakout.
As of going to press, ETC was trading at $29.85. The RSI showed an upward trend after a week-long recovery. Now the aim was to test the 52-56 range for a possible near-term rebound.
Axie infinity (AXS)
Source: TradingView, AXS/USD
As the bears took over from the $65 level, AXS lost crucial price points in the past 20 days. The alt lost more than 40% of its value (since Feb. 7) as it moved south, reaching its lowest point in six months on Feb. 24.
This made it fall under his 20-50-200 SMA while retesting the $42 support. Keen to keep this support intact, the alt-saw has grown by more than 30% in the past five days. So it rises above its moving averages, while the 20 SMA (red) jumped above the 50 SMA (grey). From here, any retracements would find support at the $54 level, followed by the 20 SMA.
At the time of writing, AXS was trading at $55,496. The RSI saw a sharp dive from the overbought mark and headed for balance. So revealing a slightly diminishing bearish strength.
This post Algorand, Ethereum Classic, Axie Infinity Price Analysis: March 02
was published first on https://ambcrypto.com/algorand-ethereum-classic-axie-infinity-price-analysis-02-march/
