Biggest Movers: ALGO Nearly 10% Higher, TRX Extends Recent Gains
Algorand has been a notable exception in what has been a relatively bearish start to the weekend. On Nov. 19, the token rose by nearly 10%, as cryptocurrency markets mostly traded lower. Another noteworthy exception was tron, which climbed for a second consecutive day. Algorand (ALGO)
Algorand (ALGO) was a notable gainer on Saturday, as the token moved towards a one-week high.
Following a low of $0.277 on Friday, ALGO/USD climbed to an intraday high of $0.3102 earlier in the day.
This saw the token climb by nearly 10% in today’s session, hitting its highest level since last Friday in the process. ALGO/USD – Daily Chart
Looking at the chart, prices broke out of a key resistance level of $0.30 as a result of today’s surge.
Another breakout can also be spotted, with the 14-day relative strength index (RSI) also moving past a key resistance level of 45.20.
As of writing, ALGO has somewhat slipped, with the token now trading at $0.3007. Tron (TRX)
Tron (TRX) also climbed to start the weekend, with prices moving higher for a second straight day.
TRX/USD hit a peak of $0.05197 earlier in the day, which comes less than 24 hours after hitting a low of $0.05042.
As a result of this rally in price, tron collided with a resistance level of $0.05190 for the first time since Monday. TRX/USD – Daily Chart
In addition to this, the RSI also hovered close to a ceiling of its own, with the index currently tracking slightly above this point at 36.31.
Should bulls intend to maintain the current upward momentum, this ceiling will need to be fully demolished.
If so, we will likely see TRX move closer to the $0.05200 level.
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Could we see bullish momentum in tron grow for the rest of the weekend? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Thanks to the FTX Collapse, Bitcoin"s Price in November 2022 Looks to Join the 4 Previous Negative Novembers of the Past 11 Years MARKET UPDATES | 6 hours ago Bitcoin, Ethereum Technical Analysis: ETH Heads Towards $1,200 Breakout on Saturday MARKET UPDATES | 10 hours ago
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