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Litecoin, Tron, Algorand Price Analysis: 11 November

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Litecoin formed a bearish pattern and could be poised to drop lower while Tron registered slight gains in recent hours on a bounce off support. Algorand was retracing after a downward move, and a strong rejection at an important level of retracement could signal that its short-term bounce was at an end.

Litecoin [LTC]

Litecoin, Tron, Algorand Price Analysis: 11 November

Source: LTC/USD on TradingView

Litecoin formed a descending triangle pattern (cyan), a bearish chart pattern that can see LTC drop to $50 in the next few days. The trading volume was also trending lower.

The MACD also showed bearish momentum as it formed a bearish crossover a few days past, and was nearing the zero line to cross beneath it.

A close below $58, followed by a possible retest of the same level, can be expected for LTC, followed by a drop toward $50. The price can find some support at $54.5 as well.

Tron [TRX]

Litecoin, Tron, Algorand Price Analysis: 11 November

Source: TRX/USDT on TradingView

TRX climbed above its 20-period moving average (white), with its 50 SMA close to a level of support at $0.024. This suggested that $0.024 could be a strong level of support in the short-term, and a drop blow could cause swift losses.

At the time of writing, TRX was trading above the 20 SMA and indicated short-term bullishness for the coin.

However, Awesome Oscillator was in bearish territory, and a crossover to the upside can strengthen the notion of short-term bullishness for TRX.

The resistance at $0.0258 was a level to watch out for, and a flip to support could spell further gains for TRX in the next few days.

Algorand [ALGO]

Litecoin, Tron, Algorand Price Analysis: 11 November

Source: ALGO/USD on TradingView

Algorand was in a downtrend and was retracing higher up before another possible drop. The Fibonacci Retracement tool for ALGO’s move from the swing high at $0.362 to the swing low at $0.222 highlighted some important levels for ALGO.

At the time of writing, it had tested the 50% retracement level at $0.292. The Stochastic RSI moved into the overbought territory. The RSI showed bullish momentum, but the larger trend was downward.

The short-term bullishness could push ALGO above the $0.292 level, while a strong rejection at that level would indicate an end to short-term bullishness.


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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