SAND, FTM, and ALGO seem to have plummeted to logical demand zones (according to their high time-frame optimistic order block and retracement zones). Moreover, Sandbox and Algorand seemed to print bearish chart patterns despite their bullish short-term structure that might trigger double-digit upswings. These alts might witness massive rallies in the coming few days provided BTC prevents another intense selling wave.
Algorand (ALGO)
Cryptocurrency experts drew Fibonacci levels on Algorand’s climb to $0.988 from $0.673, launched in mid-March. The 61.8% Fibonacci retracement area of this move stood at $0.7939. ALGO seemed to have overturned this zone into support over the past few hours.
The Relative Strength index hiked beyond neutral 50, suggesting an imminent bullish momentum. Nevertheless, the on-balance volume maintained downtrends over the previous week, as the price created a climbing wedge setup. Hence, market players should expect a possible downside for the token.
Sandbox (SAND)
Sandbox detected a climbing wedge setup again despite the alt flipping its near-term market outlook to bullish. Enthusiasts can expect the support floor at $3 to serve as a demand region in the upcoming days, should the Metaverse token record a slight dip from the $3.1 mark.
The Relative Strength index climbed past neutral 50. However, the hourly chart across the altcoin market start to flash some bullishness. SAND’s Stochastic Relative Strength index remained at the overbought level. Therefore, a pullback towards the $3 area would mean a buying opportunity.
Fantom (FTM)
Fantom traded under the resistance zone of $1.36. However, the alt’s indicators showed a waning bearish momentum. The Awesome Oscillator surged beyond the zero line again. Meanwhile, the CMF (Chaikin Money Flow) rose past the 0.05 level the past day. The DM depicted a fading bearish trend as the –DI and ADX plummeted beneath 20.
Meanwhile, the altcoin market will rely on Bitcoin’s directional bias. Though most altcoins seem prepared for uptrends in the coming sessions, a BTC U-turn will trigger bearish actions. Bitcoin traded around the $43,390.01 at this publication, losing 0.77% over the past day. Further weakness by the leading alt will trigger negative sentiment in the marketplace.
