A rising optimistic outlook among several cryptocurrencies could propel the total crypto market cap beyond $3 trillion in the short term. Over the past two months, several distinct projects across the space such as Solana, Binance coin, Axie Infinity, and Avalanche have tripled in their value. The latest air of familiarity across the space calls out for an intense altseason.
The Elrond (EGLD) and Algorand (ALGO) exhibit the solid potential to lead the upcoming altseason. Both of the aforementioned coins have undergone a massive rally since the start of the quarter. Further, the altcoins have been trading around a crucial resistance zone, awaiting a major breakout!
Elrond (EGLD) Price Analysis:
Elrond’s (EGLD) price has successfully oppressed the bearish rule with a much-needed break out on 31st October. Consequently, the price has undergone a gradual rise from the $250 mark to reaching $307.5 on November 6th, 2021. The one-day chart from the trading view indicates a massive uptrend in the buying pressure. The buyers were progressively outpowered sellers from the past couple of days resulting in the breakout of Ascending triangle pattern on Wednesday.
The Elrond price has generated a series of higher lows since the start of the quarter, which has finally broken out of crucial resistance of $271.73. With the latest surge, the altcoin has claimed a new ATH of $336.28 on November 10th, 2021. RSI factor on the other hand has been hovering around the overbought territory, hence before another leg up, EGLD price would retest around $300.
As the project is becoming successful in garnering the attention of a lot of new traders, the price would go up to $400 in the short term. On the contrary, if a significant number of buyers fails to hold the altcoin then it would settle at bottom support of $270.
Algorand (ALGO) Price Analysis:
Algorand’s (ALGO) price has been struggling to find the actual breakthrough since its inception, is now trading in the tight range, awaits a solid breakout. The altcoin has been generating lower highs over the past month could potentially break out of the latest converging channel.
The one-day chart from the trading view highlights the formation of an Ascending triangle channel. As buyers have been displaying massive interest in the altcoin for the past couple of days. The ALGO price would potentially break out of $1.9 to claim new ATH beyond $2.5 in the short term. On the contrary, if the platform fails to captivate the attention of a larger user base, then its price would settle at a bottom of $1.54.
Collectively, the aforementioned altcoins possess the solid potential to discover new highs. In case, Algorand and Elrond fail to break out, then they may undergo a short retest at the immediate bottom. More than ALGO, EGLD exhibits the probable rise towards new highs according to historical price patterns.