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Tron, Algorand, Nano Price Analysis: 02 April



Source: Pixabay

Tron formed a triangle pattern on the charts and was heading back to the $0.084-support. Algorand projected neutral momentum in the short term, while Nano‘s bulls looked to flip the $5-level from resistance to support.

Tron [TRX]

Tron, Algorand, Nano Price Analysis: 02 April

Source: TRX/USDT on TradingView

TRX formed a descending triangle pattern on the hourly chart. The trading volume was trending downwards. The MACD showed neutral to slightly bullish momentum on the hourly chart, although longer timeframe charts registered a strongly bullish TRX.

A breakout north of this pattern will see TRX climb back to $0.097 while losing the 23.6% retracement level to bearish pressure will see TRX pushed lower to $0.082 and $0.077.

Algorand [ALGO]

Tron, Algorand, Nano Price Analysis: 02 April

Source: ALGO/USD on TradingView

ALGO tested the $1.42-level as resistance and formed a higher low as the support at $1.24 saw buyers step in. At the time of writing, momentum was neutral for ALGO, according to the RSI.

A revisit to $1.24-$1.28 will likely be an area to buy ALGO and $1.42 would be the take-profit for those buys in the coming days. A trading session close below $1.22 could see bears flip this level from resistance to support.

The $1.31-mark was in the middle of these two levels of support and resistance and the reaction of ALGO at this mark would further influence its short-term direction. Defending this level could see ALGO bounce back towards $1.42, or losing this level will likely see ALGO head back to $1.24.

Nano [NANO]

Tron, Algorand, Nano Price Analysis: 02 April

Source: NANO/USDT on TradingView

The short-term was definitely bullish for NANO since it bounced off the $4.1-level over the past week and made steady gains to climb to $5.5, before seeing a pullback to test the $5-support level.

However, on the 4-hour chart, it can be seen that $5.33 is an important level of resistance. The OBV has been trending downwards since late February, and the Chaikin Money Flow dropped below the -0.05 mark once more after intense selling prevented NANO from closing a session above $5.33.

The $4.98-$5 zone is an important support and the $5.33-level is the overhead resistance. This level will offer buying opportunities if bulls flip it to support.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.