Algorand Price Analysis: Launch Preparations At $0.091, Will ALGO Price Reach $0.16?
The post Algorand Price Analysis: Launch Preparations At $0.091, Will ALGO Price Reach $0.16? appeared first on Coinpedia Fintech News
ALGO Prices fail to fuel momentum into the falling wedge breakout rally, resulting in a bearish continuation. Algorand falls under the crucial psychological mark of $0.10, creating the lowest daily closing price of $0.0934.
The ALGO price action shares a trend similar to Bitcoin moving as it moves sideways. The lower price rejection in the sideways-moving candles reflects an underlying attempt to bounce ALGO prices higher.
Finding support at $0.091, the ALGO price action hints at a double bottom pattern with multiple lower-priced rejection candles. The RSI indicator shows a bullish divergence in the past two dips to support the bullish framework.
Currently, Algorand price trades at $0.0965 with an intraday fall of 0.82% following the remarkable 2.21% jump last night.
In the 1-day chart, ALGO price action displays a strong resistance trendline in play. Moreover, the 50-day EMA proves to be a strong entry point for supply as it provides multiple resistance contact points.
With the buyers planning to launch an uptrend in ALGO prices, the double-bottom breakout is the primary necessity. Following the breakout, the 50-day EMA moving along the resistance trendline will be a strong supply zone. Therefore, the uptrend might reach $0.1082 before taking a step back.
Optimistically, the resistance confluence breakout can propel the uptrend to the 200-day EMA at $0.16.
On the flip side, a drop below $0.091 will prolong the ALGO price crash to the next support level at $0.084.
Filed under: Bitcoin - @ August 29, 2023 6:11 am