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ATOM, OMG and ALGO Price Analysis for August 20

Can #altcoins keep growing after showing a significant price blast?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The situation on the cryptocurrency market has not significantly changed since yesterday. Almost all Top 10 coins remain in the red zone, except for Chainlink (LINK), whose rate has risen by 1.07%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key data for Cosmos (ATOM), OMG Network (OMG) and Algorand (ALGO) today:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Cosmos 

ATOM

$1,195,449,012 $5.92 $174,289,268 5.83%

OMG Network

OMG

$529,154,205 $3.77 $823,800,965 33.18%

Algorand

ALGO

$497,272,184 $0.644288 $284,502,556 17.03%

ATOM/USD

Cosmos (ATOM) has successfully bounced off the support at $5.50 and is trying to rise to the recent peak of $6.60. The rate of the altcoin has risen by almost 6% over the last 24 hours.

ATOM/USD chart by TradingView
ATOM/USD chart by TradingView

On the daily chart, the current rise is likely to be considered as the correction before an upcoming drop, precluding continued growth. This statement is confirmed by the declining trading volume and low liquidity. For this reason, the more likely scenario is a false breakout of the falling line at $6. If this happens, the drop may continue to the support level of $5.52.

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ATOM is trading at $5.98 at press time.

OMG/USD

OMG Network (OMG) is the top gainer in our list. The rate of the crypto has rocketed by 33% since yesterday, while the price change over the last week has accounted for 117%.

OMG/USD chart by TradingView
OMG/USD chart by TradingView

OMG Network (OMG) has accumulated power for almost three months. Buyers have confirmed the start of a bullish trend; however, the altcoin is already located in the oversold zone based on the value of the RSI indicator. Thus, the liquidity is also low, which signals a possible correction. There are high chances of seeing a price drop to $2.90 before another growth wave starts.

OMG Network is trading at $3.76 at press time.

ALGO/USD

Algorand (ALGO) is the second-fastest growing coin from today's list. Its rate has increased by 17% over the previous day.

ALGO/USD chart by TradingView
ALGO/USD chart by TradingView

From the technical perspective, Algorand (ALGO) is trading similarly to Cosmos (ATOM). The ongoing price rise is not accompanied by a rising trading volume, which is unlikely to set new peaks. Applying the Bollinger Bands indicator to the chart, one needs to pay attention to its basic line that corresponds to $0.4877. There is a high probability that bulls will show their strength and continue the growth.

ALGO is trading at $0.6409 at press time.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com