Market Overview of Algorand, Decentraland, and JasmyCoin
On Tuesday, Algorand (ALGO), Decentraland (MANA), and JasmyCoin (JASMY) are trading at approximately $0.19, $0.27, and $0.015, respectively, following a notable recovery in the previous week. These altcoins are nearing significant resistance levels, and technical analyses indicate potential upward movements as momentum indicators reflect bullish trends.
Algorand Price Projection: Bulls Targeting $0.27
Algorand’s price has shown resilience, finding support near the lower trendline of a falling wedge pattern established by connecting various highs and lows since early December. Last week, ALGO experienced a 12.69% rebound and continued its upward trajectory with a 3.36% gain on Monday. Currently trading just above $0.19, it is approaching the crucial 50-day Exponential Moving Average (EMA) at $0.20. A breakout above this EMA and a close past the daily resistance at $0.21 could lead to a rally towards the weekly resistance level of $0.27. The Relative Strength Index (RSI) sits at 52, indicating a shift towards bullish momentum, while the Moving Average Convergence Divergence (MACD) has signaled a bullish crossover, supporting an upward trend.
Decentraland Price Outlook: MANA Poised for a Rally Above $0.28
Decentraland’s price successfully broke through a descending trendline, formed by connecting multiple highs since mid-February, on Saturday. It then retested this level the following day, gaining nearly 3% on Monday. Currently, MANA is slightly down as it encounters resistance at the 50-day EMA around $0.27. If it can surpass this EMA and close above the weekly resistance level at $0.28, the price could aim for the 50% Fibonacci retracement level at $0.32. The RSI for MANA is at 55, showcasing bullish momentum, and the MACD has also shown a bullish crossover, indicating a positive trend ahead.
JasmyCoin Price Analysis: Maintaining Strength Above $0.015
JasmyCoin has broken above a descending trendline, which has been in place since mid-December, and managed to close above the 50-day EMA at $0.014 on Saturday. However, it faced rejection near the weekly resistance at $0.017 the next day, resulting in a slight decline. As of Tuesday, JASMY is approaching its daily support level at $0.015. If this support holds and JASMY can recover to close above $0.017, the price may target the March 2 high of $0.020. With an RSI reading of 60, suggesting bullish momentum, and a MACD indicating a bullish crossover, JASMY appears to maintain its upward potential.
Market Sentiment and Whale Activity
Recent data from Santiment reveals shifts in the supply distribution of MANA tokens held by whales. The number of wallets holding between 100,000 and 1 million MANA has decreased from 123.69 million on April 3 to 123.02 million as of Tuesday. Conversely, wallets holding larger amounts, specifically between 1 million and 10 million and 10 million to 100 million, have seen significant increases. This suggests that while some larger holders may be selling, others are taking advantage of lower prices to acquire more Decentraland, reflecting a more optimistic investor sentiment towards MANA.
JasmyCoin Open Interest Signals Positive Market Activity
The bullish outlook for JasmyCoin is further supported by an increase in open interest (OI) in futures markets. Coinglass data indicates that OI for JASMY surged from $22.14 million on Friday to $50.15 million on Sunday, marking the highest level since early February. This rise in OI suggests new capital is entering the market, indicating growing interest and potential for a price rally in JASMY.
