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Algorand, Bitcoin SV, Steem price analysis: 30 August

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Bitcoin SV had been on a downtrend for the better part of August; Algorand showed signs of lowered volatility and pointed toward consolidation. Steem registered large moves both upward and downward, and indicated where good trading opportunities were.

Algorand [ALGO]

Algorand, Bitcoin SV, Steem Price Analysis: 30 August

Source: ALGO/USDT on TradingView

ALGO set a local high at $0.75, but was forced back. Subsequent attempts at highs found resistance at $0.66, with support at $0.52 region.

At press time, price was trading just below level $0.54, which has had significance in the past few days. Bollinger bands showed constriction. Trading volume was also decreasing. The squeeze indicated decreased volatility, and usually the asset makes a strong move up or downward after the squeeze.

Bitcoin SV [BSV]

Algorand, Bitcoin SV, Steem Price Analysis: 30 August

Source: BSV/USD on TradingView

Bitcoin SV was recently in the news when Emirex, a digital commodities exchange, announced support for BSV on its platform, and introduced BSV/USDT and BSV/EUR trading pairs.

BSV showed it could have ended its downtrend as it stepped outside the trendline (white). This could lead to a period of consolidation, with zone of support at $180.

RSI showed a value of 53 and had been vacillating about the neutral 50 line for a few days.

It is also possible BSV is facing seller pressure and could lose support in the coming days, since BSV has been in a downtrend for the whole of August.

Steem [STEEM]

Algorand, Bitcoin SV, Steem Price Analysis: 30 August

Source: STEEM/USDT on TradingView

STEEM stepped out of a range from $0.2 to $0.22, to test level $0.27, and got rejected. STEEM revisited $0.22 support, but subsequent attempts to reach local highs were met with failure near $0.26 zone.

At press time, STEEM was trading at $0.2357. MACD showed a buy signal. However, 50 EMA (yellow) had crossed beneath 100 EMA (pink) to signal short-term bearishness.

Taken together, the best trading opportunites lie at the ends of the range, that is, at $0.22 and $0.26 levels


Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.
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