Algorand, OKB, Litecoin price: Market consolidation may be calm before the storm

Apart from the collective market’s pullback on 27 March, the crypto-asset industry has been rather stable over the past few days. This was reflected in the performance of quite a few altcoins, notably those of Litecoin, Algorand, and OKB.

Source: LTC/USD on Trading View

Over the past 24-hours, Litcoin had registered a minor hike of 1.74 percent which stretched its valuation from $38.49 to $39.20. A high of $39.74 was attained in between, but the price remained under the elusive $40. Litecoin’s market cap was around $2.5 billion, at press time, with a 24-hour trading volume that continued to be above $3.55 billion.

However, the trend remained bearish in the short-term. The Parabolic SAR’s dotted indicators remained above the candles and the MACD line hovered under the signal line during the time of writing.

Source: ALGO/USD on Trading View

Algorand’s ALGO token witnessed a similar scenario as the token hiked by 2.55 percent. The valuation remained between $0.15 and $0.16, with a press time price of $0.156. Its 24-hour trading volume was worth $41 million, but its market cap continued to remain under the $100 million mark.

Bollinger Bands suggested that the token may face lower volatility in the future as the indicators were converging on the charts.

Relative Strength Index or RSI was close to the overbought zone, but exhibited a trend reversal at press time, suggesting an increase in sell-pressure.

The Algorand Foundation was in the news recently after it launched an app called IReport-Covid in order to combat the current COVID-19 pandemic Has damaged not just the crypto-market, but the world stock market as well.

Source: OKB/USD on Trading View

Finally, 29th ranked OKB coin spiked a little more than the aforementioned tokens as a rise of 3.99 percent was witnessed over the past day. A high of $4.155 was attained from an initial price of $3.98. Its market cap was around $259 million with a healthy trading volume of $202 million, at press time.

Indicators suggested that the coin may consolidate in the near future, with Bollinger Bands sighting a subdued volatile period. RSI remained minorly bullish with high buying pressure, but remained on a decline, according to the charts.

OKB coin had shot up by over 40 percent in early February after OKEx announced the test net for its decentralized exchange.