- $OTHERS will stay above the 200-week MA signifying the prospect of growth.
- The turning upwards of the 50-week MA is expected to improve the market view.
- Algorithmic traders watching the $OTHERS track risk assets are gaining momentum.
Signs show that the $OTHERS market is going to headline this week with the thrust of moving above the 200-week moving average (MA), which is sloping upward. Technically, this gives an implication that the altcoin might be possibly shifting to the bullish side. If the price crosses into the “white box” space, an upward move will follow, especially likely next week turning upward the 50-week MA, which makes this case optimistic for $OTHERS and other risk assets like $BTC since the algorithm tends to react positively to such scenarios in the market.
Source: Super
Importance of 200-week Moving Average
The 200-week moving average is one of the main indices for the long-term trend of the $OTHERS market. Such MA shown in orange in the chart has had an action in former times of being a rather strong support. The price behavior recently indicated some resilience of this MA, especially when the market was pushed to this level and came back. Should $OTHERS continue to trade above the 200-week moving average, therefore, it indicates to maintain a general positive trend and thus further upward push. Trading at this level will be keenly monitored by traders and investors for the next few weeks.
Importance of the 50-Week Moving Average
Very interesting with regard to this is the mouth of the 50-week MA, as illustrated in white over the picture. If the token can reclaim the white box region, the MA will be likely to curve upwards-another bullish signal. The 50-week MA shift is especially important due to its action as a medium term indicator of price motion: a move above this MA would strengthen the bullish case for $OTHERS and probably price the market into a higher price range.
Role of Algorithms and Market in Summary
Market algorithms play a very important role in the internals of the crypto space as they seem to be very much at home with upward-moving MAs. In essence, what can take the shape of a positive feedback loop is created. Notably in the chart, if both the 50-week MA turns upwards and price stays above the 200-week MA, all “risk” assets, most importantly their king, $BTC, will benefit from that trend. The overall market will almost certainly take the upswing news very well, further tightening the uptrend and increasing the volatility. For those monitoring algorithmic behavior, these types of technical signs often lead to quite a lot of profits in such scenarios.
