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Analysis

Algorand’s surge puts Litecoin and Ethereum Classic to shame

Akash Girimath

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Litecoin and Ethereum Classic show signs of exhaustion, Algorand rallies non-stop
Source: Unsplash

At press time, Algorand buyers were the most aggressive; ALGO surged from $0.19 to $0.23 and showed 7 consecutive four-hour green candles. This bullish sentiment from Algo comes at a time when other altcoins like Litecoin and Ethereum Classic showed signs of exhaustion.

Ethereum Classic

ETCUSD TradingView

Ethereum Classic’s price action has been bullish for over a week but recently that seems to be changing. Since the Black Thursday drop, the price has formed a higher lows and higher highs, until May 30, when it failed to form a higher high. At press time, ETC was worth $7.317 and had a market cap of $851 million. Since being rejected at $7.583, the possibility of the price heading lower is more likely. The potential target could be $6.87, which is a 5% drop from the current price.

Litecoin

LTCUSD TradingView

As mentioned, Litecoin’s breakout from the ascending triangle was successful and the price broke target at $46.70. However, the bullish momentum vanished and the price has to come down. The first target stands at $46.70 and the next potential target is $44.61, which is 4% from the current price level.

At press time, LTC was priced at  $46.57 and had a market cap of $3.01 billion making it the 7th largest cryptocurrency. The coin has seen a 1.15% surge in the last 24 hours, however, the price has a bearish outlook.

Algorand

ALGOUSDT TradingView

Algorand has breached previous resistance at $0.232. Currently, the price stands at $0.251 and has a market cap of $188 million. The next resistance level for the coin is 0.295, a level last seen on March 10, 2020. RSI showed buyers’ aggressiveness as the indicator has moved past 80.

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

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