The crypto market remained under pressure on Tuesday despite the good news in the industry. Bitcoin and Ethereum ETFs continued adding assets on Monday, with those tied to BTC adding over $102 million. Ethereum ETFs added over $31 million.
Further, Robinhood expanded its solutions using the Arbitrum technology. It will now offer over 200 tokenized stocks in places like Europe, allowing investors to buy US equities.
There are also rising odds that the Securities and Exchange Commission (SEC) will approve spot XRP and Solana ETFs. This article conducts a technical analysis on top cryptocurrencies like Algorand (ALGO), Arbitrum (ARB), and Polygon (POL).
Algorand price technical analysis
The daily chart shows that the Algorand price has been in a strong downtrend in the past few months as its ecosystem has remained under pressure. For example, its daily active addresses have dropped to 134,000, while the fees paid per day has dropped.
It initially peaked at 0.6116 in November last year and then plunged to the current 0.1870.
ALGO has moved below the 50-day and 200-day Exponential Moving Averages (EMA), a sign that bears are in control. It has dropped below the important support at $0.2580, the highest swing on May 10.
Algorand price is slowly forming a double-bottom pattern at $0.1447, its lowest swing on April 7. A double-bottom is made up of two distinct bottoms and a neckline, which, in this case, is at $0.2580.
Therefore, the ALGO token will likely resume the uptrend in the coming weeks as long as it is above the double-bottom point at $0.1447. A move below the double-bottom level will point to more downside, with the next level to watch being at $0.1065, its lowest level in August last year.
Arbitrum price technical analysis
Arbitrum, the second-largest layer-2 network in crypto after Base, has also remained under pressure this year, despite positive ecosystem news.
In a statement on Monday, Robinhood announced that it would use Arbitrum’s technology to merge decentralized finance (DeFi) and traditional finance (TradFi).
Robinhood is now onchain with Arbitrum! Arbitrum will serve as @RobinhoodApp‘s rails to merge DeFi and TradFi in what is a 0 -> 1 moment for the entire industry. All while onboarding millions of net-new users into crypto. Arbitrum Everywhere. 🧵
Arbitrum will simply provide the chain needed to tokenize American stocks, a move that will lead to more users to the network. More data shows that Arbitrum’s stablecoin supply rose by 4.13% in June to $6.7 billion, while the number of transactions rose by 6.2% to 33.4 million.
Stablecoin addresses in Arbitrum have jumped by 22% to 1.4 million, while the adjusted transaction volume rose by 37% to $46.7 billion.
The daily chart shows that this good news have not boosted the Arbitrum price as its price has plunged by double digits. Like Algorand, it has formed a double-bottom pattern at $0.2490 and a neckline at $0.5050.
A double bottom is one of the most bullish patterns in technical analysis. Therefore, the token will likely bounce back, and possibly hit the neckline at $0.5051.
Polygon price technical analysis
Polygon, the first layer-2 network in the crypto market, has plunged in the past few months, moving from a high of $0.7672 in December last year to the current $0.1820.
Like ALGO and Arbitrum, it has moved below the 50-day and 25-day moving averages, a sign that bears are in control. It is also slowly forming the double-bottom pattern at $0.1500 and a neckline at $0.2755.
ALGO price remains below the 23.6% Fibonacci Retracement level. Therefore, the token will likely bounce back as long as it remains above the double-bottom point at $0.1500. A move below that support level will point to more downside.
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