Will the Striking Comeback of Avalanche (AVAX), Algorand (ALGO) and Arbitrum (ARB) Catch the Crypto World Off Guard?

On Nov 16, 2023

Recently, altcoins have really taken off, painting a different picture compared to the market’s previous slump. It all started with the increase of Bitcoin (BTC), which seems to have lit a fire under the rest of the market. Look at Avalanche (AVAX), for instance, which shot up by an impressive 20%, and then there’s Algorand (ALGO) and Arbitrum (ARB), each enjoying a nice 5-6% bump. According to the latest report by Kaiko, BTC has helped boost the market share of altcoin and Ethereum spot volume to 60% – its highest in over a year, up from 55% in August.

This isn’t just happening in a vacuum either; it’s happening alongside some positive moves in global stock markets and amidst some interesting shifts in crypto regulations by the SEC. Spicing things up, October’s Consumer Price Index (CPI) data dropped a hint that inflation might be slowing down. This could lead the Federal Reserve to rethink their interest rate plans, which in turn makes cryptocurrencies look even more tempting as an investment choice.

In the midst of all this, there’s a project called ScapesMania (MANIA) that’s really catching people’s attention. It’s more than just a presale hype; it’s a thoughtfully designed game ecosystem. MANIA is blending top-notch tech with a dream team and a focus on its community: they’re promising to shake up gaming with DAO governance and a real emphasis on rewarding their backers. What’s cool is how transparent they are about everything, and the presale perks are pretty sweet too.

ScapesMania (MANIA): Not just another token sale, MANIA is blending cutting-edge tech with a real focus on its community, setting the stage for a revolution in gaming;
Avalanche (AVAX): AVAX is riding a wave of success, thanks to key partnerships and tech innovations, and it’s looking like there’s even more exciting growth on the horizon;
Algorand (ALGO): ALGO is making waves with a notable uptick in its price and trading volume, signaling a potential bullish trend in the crypto market;
Arbitrum (ARB): Riding the momentum from Aethir’s Testnet announcement, ARB is showing promising signs, hinting at more upward movement to come.

While some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project’s appeal.

Presale is Live Now – Join Now for a Chance to Benefit with MANIA

Backed by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead.

Presale is Live, Learn More About Major Benefits

Avalanche (AVAX) is really taking off in the crypto world, thanks in part to an electrifying partnership with Onyx by JPMorgan and Apollo Global as part of Project Guardian. This collaboration, which zeroes in on using blockchain for asset management, is a major factor behind the recent AXAX price climb. Following a challenging phase where many holders faced losses, the altcoin has shown remarkable resilience, bouncing back with innovative projects like the Landslide Network and new technologies such as HyperSDK and Avalanche Warp Messaging (AWM).

Avalanche (AVAX) Technical Outlook

In terms of technical analysis, AVAX has shown impressive momentum, surpassing its first resistance level at $21.84, and is now grappling with the next resistance level at $25.9. This bullish trend aligns with the recent positive developments and the heightened interest from institutional players.

Source: TradingView

The asset is currently hovering near its 1-month, 13-week, and 52-week highs, all converging around $23.98. The MACD oscillator’s behavior around $23.39 and the crossing of the 9-day moving average at $14.97 indicate a strong upward trajectory, albeit with a need for caution at these higher levels.

Looking ahead, if Avalanche (AVAX) successfully breaks through $25.9, it could enter a new realm of price discovery, signaling strong market confidence in its long-term potential. However, if it struggles to maintain this momentum above $21.84 and falls back, it could see a retest of its immediate support at $17.77 and even lower thresholds at $15.28 and $13.71. Investors should keep a close eye on any potential pullback in the AVAX value; it could be a sign of a brief market correction or a reaction to larger market trends.

Even with this in mind, the solid foundation of Avalanche (AVAX), strengthened by its key partnerships and tech innovations, suggests an optimistic future for its role in the crypto world.

Algorand (ALGO) has been making waves in the crypto market with its remarkable performance since the start of November. The past fortnight alone saw a 26% price growth, and over the last month, ALGO has surged by an impressive 55%, reaching the $0.146 mark. This uptick is noteworthy as it signifies a breach of the 100-day correction trend, traditionally marked by a descending channel pattern. Adding to the momentum is the notable increase in trading volume, which stands at above $78,8M over the last 24 hours – a 19% jump from the previous day. This surge in market activity underscores the growing interest and investment in Algorand (ALGO).

Algorand (ALGO) Technical Outlook

Technically, ALGO is currently trading in a crucial zone, fluctuating between its first support point at $0.1319 and the first resistance point at $0.1486. This positioning suggests a delicate balance between bullish and bearish forces. The recent crossing of the price over the 9-day moving average at $0.129 and the 18-day moving average at $0.1171 indicates a potential bullish trend.

Source: TradingView

However, the stalling of the 3-10-16 day MACD moving average at $0.1033 and the price’s fluctuations near the 40-day moving average bring a note of caution, hinting at underlying volatility and the need for careful market analysis.

Looking at the potential scenarios, the bullish outlook would see Algorand (ALGO) breaking past $0.1486, propelled by increasing trading volumes and market sentiment. This could lead to a test of the second level of resistance at $0.1553, and potentially even the third level at $0.1653, should the positive trend continue.

On the flip side, a bearish scenario would involve ALGO falling below $0.1319. This could lead to further declines towards the second support point at $0.1219, and in a more pronounced bearish market, it might even test the third support level at $0.1152.

Investors and traders should keep a close eye on these key technical levels and market indicators to navigate the volatile yet promising landscape of Algorand (ALGO).

Arbitrum (ARB) has recently surged, with a 15% price increase in the last two weeks and a trading volume spike to nearly $370M in the past 24 hours, a 2.4% rise from the day before. This market activity boost aligns with Aethir’s announcement of its Testnet launch on the Arbitrum blockchain, enhancing Decentralised Cloud Infrastructure (DCI) for Gaming and AI with ultra-low latency and scalable computing. This move, in line with Aethir’s overall strategy and community input, could be driving the current bullish trend of ARB.

Arbitrum (ARB) Technical Outlook

From a technical standpoint, Arbitrum (ARB) is currently trading between its first support level at $1.0588 and its first resistance level at $1.2388. Key indicators like the MACD level at $0.0094 suggest a positive momentum.

Source: TradingView

The Exponential Moving Average (EMA) over 200 days is $1.0152, indicating a stable trend over the longer term. However, it’s worth noting the discrepancies among the Simple Moving Averages (SMAs), with the 10-day SMA at $1.1384 and the 20-day SMA at $1.1258, slightly lower than the 50-day SMA at $1.33, reflecting some short-term volatility amidst a generally upward trajectory.

In a bullish scenario, if ARB sustains its current trajectory, fueled by the positive news from Aethir and increased trading volumes, it could break past $1.2388 and aim for the second resistance at $1.3221, or even target the third resistance at $1.5021.

Conversly, in a bearish scenario, if the market reacts negatively to external factors or if the momentum from the Aethir news wanes, Arbitrum (ARB) could see a pullback to $1.0588 and potentially test the lower supports at $0.9621 or $0.7821.

Investors should keep a close eye on these levels and the evolving market dynamics for informed decision-making regarding Arbitrum (ARB).

The altcoin market is buzzing right now, and it’s not just about numbers – it’s about stories of comeback and innovation. Take Avalanche (AVAX) for example. AVAX is doing more than just recovering from its past challenges, benefiting from dynamic partnerships and cutting-edge technological advancements. The current trend lines for the altcoin are pretty promising and suggest a bright future is on the horizon.

Then there’s Algorand (ALGO) and Arbitrum (ARB), each carving their own exciting paths. The recent price surge and buzzing trading volumes of ALGO are breaking it free from old patterns, signaling a strong upward trend. ARB, fueled by the buzz around Aethir’s Testnet launch, is navigating between crucial price levels, showing promise for further gains.

For investors riding the altcoin wave, it’s a thrilling time – full of potential but also calling for a bit of caution and smart strategizing.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.