XRP is up 6.72%, Cardano has gained 3.5% while ALGO/USD has spiked more than 40% in the past 24 hours
XRP, as well as Cardano and Algorand are all seeing an uptick in their respective market action. The coins are testing key resistance levels and could rally higher given the overall market sentiment that is trending bullish.
XRP/USD is trading around $0.297 at the time of writing, up 6.3% in the past 24 hours.
The technical picture for the third-ranked cryptocurrency by market cap suggests bulls are likely to see a breakout to recent highs around $0.32.
Ripple is bullish above an engulfing candle and a sustained uptrend could burst immediate resistance at $0.30. Further upsides bring $0.32 into frame, with a triangle breakout likely to aid bulls’ desires to retest prices at around $0.35.
The hourly technical picture suggests XRP/USD is also likely to see some sideways trading below $0.30 as the RSI is only slightly upturned. However, the MACD is forming a bullish divergence to indicate support for the upside is strong at current price levels.
A downward flip could see bulls rely on strong support at the 50 SMA at $0.288, which is a resistance-turned-support area.
Cardano bulls have recently struggled to form an uptrend, with the cryptocurrency outperforming most other top altcoins on the launch of its Shelley upgrade in July.
The momentum is with the bulls though as the cryptocurrency has surged over 3.5% in the past 24 hours. This comes as the staking of Cardano crosses 10 billion coins.
ADA/USD is trading at $0.13 with an intraday high of $0.14, suggesting bulls need to hold prices above $0.14 to have any chance of clearing $0.14.
Above this level, ADA/USD could rally to highs of $0.16 short term. While a bearish breakout could see buyers protect gains at $0.13 and below that $0.11.
Algorand is one of the biggest gainers in the market today, surging by more than 40% in the past 24 hours to trade at $0.74 as of the time of writing.
The coin’s price rally follows news on the fundamental front after Borderless Capital recently revealed it was partnering with the staking protocol.
The latest price movement comes after bulls rallied to flip a bearish divergence that had formed following a similar upsurge earlier this month.
ALGO/USD is making higher highs and higher lows on the 4-hour charts. The RSI has formed a bullish divergence and shows no signs of weakness. However, the coin could see a dip to support levels around $0.60, which has been tested once in the past hour. Further support is at the 20 SMA ($0.53) and 20 SMA ($0.45)