The altcoins analyzed appeared to have fallen into a logical demand area, based on retracement levels or a bullish order block with a higher time frame. At the same time, coins like Algorand and The Sandbox appeared to be forming a bearish chart pattern, even though they had a short-term bullish structure that could yield near double-digit percentage gains. Provided Bitcoin doesn’t see another wave of intense selling, it looked like these coins could see a rally in the coming days and record respectable gains.
A string of Fibonacci levels (yellow) was drawn based on ALGO’s move from $0.673 to $0.988, which started in mid-March. The 61.8% retracement level of this move was at $0.7939, a level that Algorand appeared to have flipped to support in recent hours.
The RSI climbed above the neutral 50 to suggest the beginning of bullish momentum. However, the OBV has been in a downtrend for the past week and the price has also formed a rising wedge pattern. Therefore, the further disadvantage was an opportunity to be wary.
The sandbox (SAND)
Again, a rising wedge pattern (white) was observed, even though the short-term market structure was flipped to bullish. The $3 support level is expected to act as a demand zone for the coming days should SAND witness a minor pullback from $3.1.
The RSI rose above the neutral 50. Across the market, altcoins momentum on the hourly chart is beginning to gain some bullish traction. The Stochastic RSI was in overbought territory. A drop to $3, if it occurs, would be a buying opportunity.
FTM was trading just below the $1.36 resistance level, but indicators suggested bearish momentum was waning. The Awesome Oscillator climbed above the zero line again, while the Chaikin Money Flow (CMF) also moved above +0.05 the previous day.
The DMI showed that the bearish trend lost momentum as both the ADX (yellow) and -DI (red) fell towards and below 20.
This post Algorand, The Sandbox, Fantom Price Analysis: April 08
was published first on https://ambcrypto.com/algorand-the-sandbox-fantom-price-analysis-08-april/