4 Altcoins You Should Follow This Week

Here are the 4 altcoins you should follow this week. We will examine the charts in the light of Rakesh Upadyay's words.

Algorand (ALGO)

Long wick candles recorded by altcoin ALGO on Sept. 7 show that the bulls are aggressively buying the drop to the 50-day SMA ($1.10). Strong purchases on September 8 pushed Algorand (ALGO) above the firm overhead resistance at $1.84. During this period, the bears tried to trap the bulls by pushing the price below the $1.84 breakout level on Sept. 10, but buyers had other plans. Now, ALGO price has recovered strongly from support and the bulls are currently trying to push the price above $2.49. If they can, the bulls could continue the uptrend with the first target to the upside at $3 followed by $3.32. On the contrary, if the price drops from $2.49 again, it could drop to $1.84 and remain borderline between these two levels for the next few days. Afterwards, a break and close below $1.84 would confirm that the current breakout is a bull trap. ALGO could decline further to $1.60.0 The 4-hour chart shows that the bears are holding the overhead resistance at $2.49. If the sellers pull the price below $2.30, it could slide back to the breakout level at $1.84. A bounce from this support could suggest a range-bound action for a while. If the bulls don't give up too much from the current levels, a break above $2.49 will increase the likelihood. If the buyers sustain the breakout, it could mean the resumption of the uptrend.

Cosmos (ATOM)

ATOM price bounced off $17.56 on Sept. 7, suggesting that the bulls are aggressively defending this support. This was the second instance where the bulls successfully maintained this level, the previous one was on August 26 and 27. Long-tailed wicks on September 8 showed that the mood turned positive and traders were buying on the dips. The MAs have completed the golden cross formation, which indicates that the bulls are back in the driver's seat. Now, the bulls pushed the price above the overhead resistance at $32.32. If the momentum is sustained, ATOM price could rally to $39.43. However, the bears may have other plans. They will try to push the price below $32.32 and trap the aggressive bulls. If they are successful, the ALGO price could drop to $26. A break below this level will indicate weakening of the bullish momentum. The 4-hour chart shows that the bears sold the break above $32.32 but were unable to hold it below $32. This shows that the bulls continue to buy on every small dip. If the bulls hold the price above $32.32, ALGO could rally to $38.49. Conversely, if the bears pull the price back below $32.32, it could drop to $30.98. If the price bounces back from this level, the bulls will attempt to resume the uptrend, but if the support is broken, the decline could extend to the critical support at $26.

Tezos (XTZ)

Tezos (XTZ) completed a successful retest of the breakout level at $4.47 on September 7 and September 8. Although the bears pulled the price below the 200-day SMA ($4.19), they were unable to sustain lower. This indicates accumulation at the bottoms. Afterwards, XTZ price gained momentum on September 9 and the bulls pushed the price above the overhead resistance at $6.14 on September 10. The long wick on the candlestick of the last two days indicates strong selling around $7. Hence, this becomes an important resistance for the bulls to pass. If they do, it could retest the ATH level of $8.42. A break and close above this level will mark the start of a new uptrend. Alternatively, if the price breaks down from overhead resistance once again, XTZ could be tested at $5. Such a move would indicate aggressive profit taking at higher levels. The 4-hour chart shows that XTZ is currently consolidating between $5.88 and $6.80. If the bulls sustain and sustain the price above the overhead resistance zone between $6.80 and $6.95, the price could rally to $7.72. However, if it drops from $6.80, it could sustain its action in the region for a while. A break and close below $5.88 will be the first sign that the bulls are losing control. According to the analyst, XTZ price may then slide back to the 50-SMA.

Elrond (EGLD)

Elrond (EGLD) rebounded from the 200-day SMA ($131) on September 7 and September 8, showing strong demand at lower levels. The MAs completed a golden cross on Sept. 9, indicating that the bulls are in command again. Continuous buying pushed the EGLD price to the ATH level on September 11, where the bears tried to stop the upside move. However, the bulls were not in a position to give up their advantage and pushed the price to the ATH level today. Now, if the bulls hold the price above $245.80, EGLD could start the next leg of the uptrend. The bears could pose a tough challenge at psychological $300, but if the bulls can overcome this resistance, the rally could be extended to $357.80. The bears, on the other hand, will have to push and sustain the price below the $245.80 breakout level to signal a possible change in trend. The bulls are currently trying to push and sustain the price above the resistance line of the ascending channel pattern. If they manage to do so, the bullish momentum could increase further and EGLD could enter a bearish phase. On the other hand, if the price breaks down from the current level, it may drop to the support line of the channel. A strong rebound will show that sentiment remains positive and traders are buying on the dips. Finally, a break and close below the channel would be the first sign that the bullish momentum could weaken. 4 Altcoins You Should Follow This Week