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Stellar Lumens, Algorand, Verge Price Analysis: 02 November

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Source: Pixabay

Ethereum rose from $380 to $399 on the charts and was knocking persistently on the doors of $400. Ethereum surging past $400 could revitalize the altcoin market, but Bitcoin’s movement will also have a significant say on the market.

Further down the crypto-ladder, Stellar Lumens noted steady selling pressure, while Verge registered a bullish divergence and surged past its resistance level. Algorand too exhibited a bullish short-term setup and it could record some more gains over the next few hours.

Stellar Lumens [XLM]

Stellar Lumens, Algorand, Verge Price Analysis: 02 November

Source: XLM/USD on TradingView

Stellar Lumens appeared to be forming an inverted cup pattern, but noted a pullback that invalidated the pattern soon after. However, the coin has been trending lower lately.

The OBV registered a series of lower highs over the past couple of weeks as XLM lost its level of support at $0.079 and bounced off the $0.075-support level.

At the time of writing, XLM had tested the resistance level once more, but was rejected. A break to either side of the above-average trading volume would confirm the market’s next direction, with a southbound movement more likely.

Algorand [ALGO]

Stellar Lumens, Algorand, Verge Price Analysis: 02 November

Source: ALGO/USD on TradingView

Algorand formed a bullish twin peaks setup on the Awesome Oscillator, highlighted in orange. This can act as a short-term trend reversal, and ALGO could move north to as high as $0.285.

Over a long-term timeframe, ALGO has been saw losses throughout October. A successful defense of the 0.25-support level could halt the trend, possibly giving bulls time to recover and eventually drive the prices higher on the charts.

Verge [XVG]

Stellar Lumens, Algorand, Verge Price Analysis: 02 November

Source: XVG/USD on TradingView

Verge formed a bullish divergence on the charts. Highlighted in orange, the price formed a lower high while the momentum indicator (RSI) formed a higher high.

This disagreement between the momentum and the price saw XVG shoot upwards, as high as $0.0046, but it was pushed lower as the price pulled back.

It is possible that XVG might see a drop to $0.0041 or thereabouts before another leg up. The RSI soared above the neutral 50-zone and could test the line and move upwards, alongside the price, to signal bullish momentum in the coming days.

A loss of the $0.004 support would be bearish for XVG.

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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.