Today, we tried to evaluate the latest situation of Elrond (ERD), Algorand (ALGO) and Ark tokens against Bitcoin.
ERD/BTC
Elrond (ERD) was facing a major correction today’s rise in days. ERDBTC fell to 163 sats, but for now it seems to have returned from Fib 0.618. Below this value, there is 156 sats, which corresponds to Fib 0,786 as a second daily support.
Under the continuation of the market decline, candle formation below 150 sats may start the downtrend for altcoin. In the upper region, the formation of candles above 172 sats is extremely important. Above this price correction will be limited and ERD can continue its uptrend and gain momentum up to 200 sats.
ALGO/BTC
After Algorand dropped under 2800 sats on July 14, the bulls raised the coin back to 3318 sats. Today, there has been a correction of this increase in ALGOBTC.
It is seen that the current correction continues up to Fib 0,786 (2913) according to the last dip-top levels. According to the latest price movements, the value of Fib 0.618 (3000) seems to be an important support. In summary, the formation of candles below 2900 sats may cause a decrease in ALGOBTC up to 2800 sats in the short term.
If ALGO holds to 3000 sats against BTC today (3 hr candle formation on this value), we can see a new increase up to 3300 sats. The last peak, 3300 sats, seems to be the determining point for gains to increase in the coming days.
ARC/BTC
The arc token rebounded the decline today against Bitcoin. Continued demand for the ARKBTC market increases the likelihood that altcoin will continue to rise.
On the daily chart, ARKBTC parity points out that there is a resistance of 3650 sats. If this resistance breaks, there may be a rapid rise to 4000 sats band.
Looking at the daily chart, it is seen that ARK continues its upward trend starting in May. Currently, about 3000 sats value is the support point of this uptrend. In the corrections that can be seen in the uptrend, the blue line in the chart may work as a support.
