Bitcoin made another attempt at $11,000 but couldn’t reach past $10,856 before facing rejection. At press time the coin was being traded at $10,727 after having seen a minor hike of 0.33 percent in the past 24-hours.
Litecoin surged above a level of resistance and could continue to rise in the coming hours while Cosmos exhibited a bullish reversal pattern and could see further gains in the next few days. Interestingly, Algorand flipped a level of resistance to support but showed a lack of momentum in the markets.
The Bollinger bands had contracted around the price for a few hours before LTC broke out of the squeeze to the upper side and beyond resistance at $45.7. At the time of writing, Bollinger bands were expanding as price traded above resistance, and this trend could continue for a few more trading sessions with price making higher highs.
The recent break out happened on above-average trading volume, indicating the authenticity of the price rise. The next level of resistance lies at $48. The 100 SMA (pink) as well as the $46 level can be expected to act as support levels for Litecoin.
ATOM broke out of a descending broadening wedge pattern, highlighted in white. This is a bullish reversal pattern that generally if validated, sees price reverse from a downtrend to reach the level the pattern began making lower highs at.
This projected a target of $5.8 for ATOM in the coming days. There was a level of resistance at $5.45, for ATOM to ascend past.
RSI was bullish, with a value of 69 and bordering on the oversold territory. It was likely for the asset to see some consolidation at $5.45 level before another leg up.
In other news, Coinbase introduced staking rewards for Cosmos.
Algorand broke out of the descending channel with above-average trading volume. However, since reclaiming the level of $0.31, the price nor the volume saw any move out of the ordinary.
Directional Movement Index also agreed, showing an ADX (yellow) of well below 20, showing the lack of a strong trend.
It was likely that ALGO either dipped toward support at $0.31 or stayed at around $0.32 in a period of consolidation before its next move in the market.