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The weekend was boring for most cryptocurrency investors, as shallow volatility dominated the market. However, there were some exceptions. Algorand (ALGO), Dash (DASH), and Dent (DENT) stood out during the weekend. So, what does the current situation tell us about these three cryptocurrencies?
Algorand (ALGO) Analysis
ALGO price fell below a descending resistance line since June 25th. In doing so, it dropped to $0.11, below the 0.618 Fib retracement support level. This Fib support zone acts as a bottom in corrective declines. Moreover, this level gains even more significance as it corresponds to a horizontal support area.
However, on August 6th, the ALGO price broke out of the resistance line and is currently trying to consolidate the $0.11 horizontal zone. If it reclaims this level, it would indicate that the previous decline was a deviation. In a scenario where the uptrend gains momentum, ALGO investors could target $0.13.
However, closing below the current region ($0.11) would imply that the trend is still bearish, signaling a decline to the $0.09 region with an 18% drop.
Should You Buy Dash (DASH)?
DASH price has been declining under a descending resistance line since July 1st. The decline continued until it reached a low point at $30.35 on August 5th. The price then bounced back and broke out of the resistance line the next day. In addition to the breakout, the bounce also breached the $31 resistance area. At the time of writing, the price had risen to $33.
If the momentum continues, $35.9 could be tested. On the contrary, a decline to $31 seems likely.
Will Dent (DENT) Price Increase?
DENT price fell below a descending resistance line since May 27th. During this period, it made several attempts to break out. However, these attempts failed as buyers were unable to sustain the previous increases, which are considered signs of selling pressure.
DENT is now challenging the resistance once again. We know that the tested resistances have weakened. If it succeeds this time, DENT investors may witness a jump to the $0.0009 resistance level. On the contrary, a decline to the $0.0007 support could occur.
