Cryptocurrencies have turned bearish in September, as the crackdown by the establishment in China and elsewhere intensifies. But, not all cryptos have been reacting in the same way. In two waves, earlier this month, some cryptocurrencies crashed lower, and they seem unable to raise their heads. Meanwhile, others are looking better, with smaller losses. And some others have been surging instead, like the DYDX coin, but we will take a better look at the bullish coins on the next crypto update. Here, we will take a look at Algorand and Solana coins, which have been holding up better than most of the crypto market in September.

Algorand Daily Chart Analysis – ALGO/USD Finding Support at the 50 Daily SMA

The 50 SMA began acting as support as soon as it caught up with the price

Algorand turned bullish this month, while the rest of the market was crashing lower, following the second wave of the crypto crackdown everywhere, after China banned crypto transactions, and central bankers in the west issued warnings about using cryptos. After the small tumble early this month, Algorand jumped higher, climbing from $1 to $2.55.

However, the crypto crackdown hurt the sentiment in the crypto market immensely, which eventually caught up with Algorand, and the retreat lower began by the middle of the month. But, the 50 SMA (yellow) has been holding as support in recent days, and yesterday, we saw a bounce off this moving average, but the price came back down and it is retesting the 50 SMA again now.

The crypto market bounced yesterday, although it came back down later in the day, so we are seeing crypto buyers fighting back now, which is a good sign for ALGO/USD. The stochastic indicator is also oversold, as shown on the chart above, so the bullish reversal will come soon, unless the crackdown intensifies even more. But China doesn’t have much more room after the latest action, so this might be a good opportunity to buy Algorand, and we might do so soon – you can find out about this on our Forex signals page.

Solana Daily Chart Analysis – The Triangle in SOL/USD Points to a Breakout

Solana being confined between 2 MAs now

Solana has been another bullish crypto in recent months, as it surged from around $23 in late July to $215 earlier this month. In fact, SOL/USD is even up for the month, having started out at around $107. Similar to Algorand, Solana kept surging higher for a few days, even after the crash in the market, showing extreme resilience, after having surged around $1,000 higher since late July.

The decline came here as well, after the big doji candlestick at the top, and the highs have been getting lower since then, as shown in the daily chart above. But, the lows have also been getting higher for more than a week. A triangle is forming in Solana coin, which points to a breakout soon, as we’re heading towards the tip of it now. The breakout is expected to be bullish, since SOL/USD has been retreating lower, so brace yourselves for the next bullish move here, when the negative sentiment in the crypto market ends.