Algorand’s surge puts Litecoin and Ethereum Classic to shame

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.


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.


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.