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Litecoin has formed a bearish pattern and may be poised to move lower as Tron has made slight gains in the past few hours on a bounce from support. Algorand was retracing after a bearish move and a strong rejection at a major retracement level could signal that its short-term rebound had come to an end.
Litecoin [LTC]
Source: LTC / USD on TradingView
Litecoin has formed a descending triangle (cyan), a bearish chart pattern that can see LTC drop to $ 50 over the next few days. The trading volume was also down.
The MACD also showed bearish momentum as it formed a bearish crossover a few days ago and was approaching the zero line to cross below it.
LTC can be expected to close below $ 58, followed by a possible retest of the same level, followed by a decline towards $ 50. The price can also find support at $ 54.5.
Tron [TRX]
Source: TRX / USDT on TradingView
TRX has risen above its 20-period (white) moving average, with its 50 SMA close to a support level of $ 0.024. This suggested that $ 0.024 could be a strong support level in the short term and a drop could cause rapid losses.
At the time of writing, TRX was trading above the 20 SMA and indicated a short-term bullish trend for the coin.
However, Awesome Oscillator was in bearish territory and a bullish crossover can reinforce the notion of short-term bullishness for TRX.
The resistance at $ 0.0258 was a level to watch out for, and a roll back to the support could mean further gains for TRX in the coming days.
Algorand [ALGO]
Source: ALGO / USD on TradingView
Algorand was in a downtrend and was trending higher before another possible decline. The Fibonacci retracement tool for ALGO’s move from swing high $ 0.362 to swing low $ 0.222 has highlighted some important levels for ALGO.
At the time of writing, it had tested the 50% retracement level at $ 0.292. The Stochastic RSI has moved into overbought territory. The RSI has shown bullish momentum, but the broader trend has been to the downside.
The short-term bullish trend could push ALGO above the $ 0.292 level, while a strong rejection at that level would indicate the end of the short-term bullish trend.
