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EOS, Algorand, Compound Price Analysis: 18 October

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The figures for Bitcoin flowing into exchanges were below their 90-day average this week, with a drop in supply seen as a bullish sign for the world’s largest cryptocurrency.

Further down the crypto-ladder, however, EOS could not hold on to the recent gains it made, while Algorand was forced to drop to a region of support. Compound faced overwhelming selling pressure, although it might be able to register gains of a few percentage points in the next few hours.

EOS

EOS Price Analysis

Source: EOS/USDT on TradingView

EOS was heading south on the charts throughout the month of September (white), before news of Google Cloud becoming a block producer on the EOS network contributed to a shift in sentiment.

While the hike in price to $2.84 had seemingly lost momentum, the buying volume made higher lows alongside EOS (orange). However, both the price and OBV fell beneath the trendline.

EOS might resume its prior downtrend soon. $2.44 has been a strong level of support and might be tested once more.

Algorand [ALGO]

Algorand Price Analysis

Source: ALGO/USD on TradingView

ALGO fell beneath its ascending channel (yellow) formation on the charts a few days back, dipping under its support $0.31. However, while ALGO did rise above the level, the larger market momentum remained bearish for the crypto-asset.

The aforementioned move could be a re-test of the flipped zone, before a drop in price. This would be confirmed if ALGO closes beneath $0.309. Following the same, it can expect to find some demand around the $0.286-zone.

Compound [COMP]

Compound Price Analysis

Source: COMP/USDT on TradingView

Compound seemed to break out with conviction from a month-long downtrend (orange), but the lack of trading volume showed that this was not a trend reversal.

COMP continued to struggle against bearish pressure as it tried to hold the floor it had set at $102. However, if COMP doesn’t find buyers in the short-term, the predominant selling pressure was likely to push the price under $100.

The CMF showed that the past few sessions saw capital flow into the market. However, it remained a market that was in bearish hands for the better part of a month.

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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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