Digital asset prices on Monday morning, the 17th of May, are mostly in the red following Bitcoin’s price slipping to the circa-$43k level. Defi platform Sushi Swap’s native asset, $Sushi also looks to be preparing for a time in the bearish doldrums, while Internet of Things network platform token, $IOTA, and Pure Proof of Stake coin Algorand’s $ALGO begin to favour the bulls.
Bitcoin did a ~10% nose-dive overnight, carrying the market with it, the completion of the downard break, out of an ascending triangle pattern, reported on Sunday night, bringing the digital currency – for a second time, since February – to the $43.3k support level. In spite of temporarily dragging the rest of the market into the red, momentum looks as though it may reverse, though some short-term turbulence may still be in play.
Along with $BTC, Enterprise Internet of Things (IOT) mediation platform token, $IOTA, as well as lightweight blockchain platform, Aglorand’s $ALGO asset look poised for renewed bullish price action. Defi token, $Sushi’s market appears ready to take a breather.
At time of writing, Bitcoin appears to be making it’s way up from the $43.3k resistance level. With it’s RSI in the oversold zone, and ichimoku cloud turning flat, a reattempt of the $53k-$55k level could be in play. An reattempt attempt of the $58k price level may give one confidence of impending price discovery.
Sushi Swap’s $SUSHI token – whose price has inflated 860% since the end of December 2020 – seems to be slowing down, with the coin having ridden the overbought position for about 11 days. The coin periminates the $15 price level from a high of $23 (at time of writing,) may revisit the $10 support level before ahead of an upward move.
$ALGO has been ranging in a disjointed channel of indecision for a few weeks, and its market may be setting up to make up its collective mind. With the coin having logged three touches to the support-end of the channel, bearish momentum seems to be giving way to more bullish price action. With the Ichimoku cloud beginning to widen ahead of price action, a reattempt of the $1.64 and – if momentum builds enough – and $1.90 resistance levels may be in play.
$IOTA, may require some patience as it come to decision about its next price move, but the coin,which made 617% price gains the 72 days leading up to a $2.89 price high also looks to be readying for a jump. Some price action withing the triangle pattern may occur of the next few days, before a break to new levels.
It may be a few more days before it is clear, whether or not the coin will move, but all signs certainly point to it. A clear break out of the triangle it currently finds itself in will signify a possible chase, to the $3.20, and $4.22 price levels
