ALGO, AVAX, HNT, LINK Price Analysis: May 5

Many altcoins have shed a substantial part of their values in the last 30 days. Data from CoinMarketCap showed that cryptocurrencies like Algorand (ALGO), Avalanche (AVAX), and Chainlink (LINK) have been affected by this decline.

But in all of this, Helium (HNT) has towed a persona path as its price increased by 17.41% in the last seven days. Here is a thorough analysis of the prices and predictions.

ALGO Price Analysis

At press time, ALGO’s price was $0.19 and bulls were attempting to push the price higher. Coin Edition also looked at the Exponential Moving Average (EMA) to ascertain the potential price direction.

At press time, the 9 EMA (blue) had crossed above the 20 EMA (yellow), indicating that the trend was bullish. Also, both EMAs reinforced the support at $0.18, indicating that an upside could be next for the token. From this analysis, ALGO’s next target could be between $0.21 and $0.23.

ALGO/USD 4-Hour Chart (Source: TradingView)

AVAX Price Analysis

For AVAX, its market structure was similar to ALGO. According to the AVAX/USD 4-hour chart, the price was $37.20. As for the short-term EMAs, both were sitted at the $33.61 support. Therefore, a price increase could be on the card for AVAX.

AVAX/USD 4-Hour Chart (Source: TradingView)

From a bullish perspective, the price of AVAX might attempt to surpass the $40.00 psychological resistance. Should this be the case, the token might attempt to reach $44.24. However, if the attempts fail, the price could drop and $32.10 could be its next point of interest.

HNT Price Analysis

The 4-hour chart showed HNT was retracing from its uptrend. At press time, the value of the token was $5.51. A futher assessment of the token showed that the RSI reading had fallen. This implies that the buying momentum was no longer as solid as it was previously.

HNT/USD 4-Hour Chart (Source: TradingView)

Should the RSI continue to fall, the price might drop to $5.20. However, the Supertrend showed a buy signal at $5.11. Hence, if HNT slips below the $5.20 support, $5.11 could be another entry position before the price bounces.

LINK Price Analysis

LINK’s price as of this writing was $14.24. This value was a notable increase from the price it traded on 1 May. At that time, LINK changed hand at $12.66, meaning that the bears were being neutralized from the market.

LINK/USD 4-Hour Chart (Source: TradingView)

Furthermore, the Awesome Oscillator was positive, indicating increasing upward momentum. Should the AO continue with the green bars, LINK might hit $15.59 in the short term.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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