YEREVAN (CoinChapter.com) – While the macroeconomic pressure intensifies, the crypto market has a tough time staving off the strain. As a result, several altcoins exhibited bearish hints on the charts.
#1 Algorand (ALGO) Token Price Chart
Proof-of-stake layer one platform Algorand token ALGO traded at just above $0.35 in the European session on Oct 5. The digital asset has charted within a horizontal channel since early June, briefly got above the resistance line on Sep 23, but retested the same line as resistance every day month-to-date.
Additionally, the trading volumes on the daily chart have been declining since late September, signifying a growing reluctance among traders to bet on the altcoin. The trading volume decline is consistent with the rest of the crypto market and other risk-on assets.
#2 Dego Finance (DEGO) Token Price Chart
DEGO, the in-house token of decentralized NFT ecosystem Dego Finance, traded at $1.88 on Oct 5, after a 70% drop year-to-date. Additionally, the token struggled with a persistent support-turned-resistance line that capped DEGO’s upside attempts since early February.
The digital asset managed a 15% upside move since Oct 3, but the trading volumes have been declining since, hinting at a looming bias reversal.
#3 Santos (SANTOS) Token Price Analysis
Santos FC fan token, a BEP-20 token deployed on Binance Smart Chain (BSC), traded at $16 on Wednesday, after a 25% jump in the previous two days. Despite the choppy performance, SANTOS still provided the investors with 245% returns since mid-August.
Like the rest of the digital assets on the list, SANTOS trading volumes declined in the previous month, suggesting a decline ahead.
#4 Utrust (UTK) Token Price Analysis
UTK, the native token of private transactions platform Utrust, charted at $0.11 on Oct 5, after a price spike and bearish correction in the course of three days. The token broke out of a bullish pattern known as a ‘falling wedge.’
The latter entails two converging trendlines with a negative slope that constricts the price action, preventing sharp breaks. After UTK broke the wedge’s resistance, it is expected to pull off a bullish move equal to the maximal wedge height, pinning the target price at approximately $0.3.
