Zilliqa, Algorand, Sushiswap price analysis roundup

Written by: Stanko Iliev
January 24, 2021
  • Zilliqa, Algorand, and Sushiswap continue to trade in a bull market
  • SushiSwap has advanced more than 15% this Sunday
  • If the price of Bitcoin falls below $30000, this could add pressure to the whole crypto market

The cryptocurrency market remains in the bull zone, and this situation also supports the price of Zilliqa, Algorand, and Sushiswap. Bitcoin has found strong support above the $30000 level, but some analysts warn that the correction could be around the corner.

Zilliqa (ZIL) remains in a bull market

Zilliqa is a scalable and secure platform for developers who want to build decentralized applications. Zilliqa’s price has weakened from $0.091 below 0.060 since the beginning of January, and the current price stands around 0.068.

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Despite this, Zilliqa (ZIL) remains in a bull market, and for now, there is no signal of the trend reversal.

Data source: tradingview.com

The current resistance levels are $0.080 and $0.090; $0.060 and $0.050 represent the current support levels. If the price jumps above $0.080, it would be a signal to trade Zilliqa (ZIL), and we have the open way to $0.090 or even $0.10.

On the other side, if the price falls below $0.050, it would be a firm “sell” signal and probably a trend reversal sign.

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Algorand (ALGO) has found strong support above $0.50

Algorand lowers the cost of participating in a blockchain’s operation, and according to technical analysis, this crypto could advance again above $0.60 resistance. The technology behind Algorand has not enough usage under real-world market conditions, and because of this, there is still uncertainty surrounding the project.

Data source: tradingview.com

Algorand (ALGO) price has advanced from $0.22 above $0.60 since the beginning of November, and the current price stands around $0.55. The critical support levels are $0.50 and $0.40, $0.60, $0.65, and $0.70 represent the resistance levels.

If the price jumps above $0.60, it would be a signal to buy cryptocurrency, but if the price falls below $0.50, it would be a firm “sell” signal and a trend reversal sign.

SushiSwap (SUSHI) has advanced more than 15% this Sunday

SushiSwap (SUSHI) has advanced more than 15% this Sunday, and the current price stands around $8.3. SushiSwap could advance even more according to technical analysis rules, but the current risk/reward ratio is not good for long term investors, in my opinion.

Data source: tradingview.com

SushiSwap has made a massive jump in a short-time period now; there is no sign of the trend reversal. The current resistance levels are $9 and $10; $7 and $6 represent the current support levels.

If the price jumps above $9, it would be a signal to trade SushiSwap, and the next price target could be around $10. On the other side, if the price falls below $7, it would be a firm “sell” signal, and the next target could be around $6.

Summary

The cryptocurrency market remains in the bull zone, and this situation also supports the price of Zilliqa, Algorand, and Sushiswap. Altcoins are usually more volatile than the rest of the market because of their small market cap, but the investors should consider that the price could also weaken in the upcoming days. If the price of Bitcoin falls again below the $30000 support, this could add pressure to the whole cryptocurrency market.