ALGO Price Analysis: Algorand Eyes $0.15 Against BearTraps!
The post ALGO Price Analysis: Algorand Eyes $0.15 Against BearTraps! appeared first on Coinpedia Fintech News
Trading at a 96% discount from its all-time high of $3.28, a trend reversal in Algorand will be a remarkable moonshot rally. The bears maintain trend control in ALGO price and break multiple support levels along the way.
Crashing under the psychological mark of $0.10 to test $0.081 as its all-time low. During the recent bear phase, the ALGO price action displayed a falling channel pattern in the daily chart.
With an inverted head and shoulder, the ALGO price reverses over the last few weeks, resulting in a bullish breakout. The breakout rally even surpasses the falling channel pattern and reclaims the $0.10 mark.
Currently, the price trend retests the broken resistance trendline and the neckline of the inverted head and shoulder pattern. With high hopes of a post-retest reversal, the Algorand price prediction of reclaiming higher levels may soon come true.
Moreover, the breakout phase exceeds the 50-day EMA and finds it as a cushion during the ongoing retest phase. The ALGO price is currently trading at $0.10 with an intraday move of -0.87% as the buyers delay the retest.
Technical indicators:
RSI indicator: The RSI line struggles to display the bullish momentum in play as it moves sideways above the halfway line.
Exponential moving averages: As the price finds support at the 50-day EMA, the uptrend may soon test the 200-day EMA. Until then, the EMAs maintain a bearish alignment.
Will ALGO Price Jump Higher From $0.10?
To turn the overall trend momentum, the ALGO price will face multiple bearish opposition on the way. Meanwhile, the short burst of positive sentiment will not be enough for Algorand to rise to the $1 mark.
Currently, the ongoing retest phase provides a great entry spot for sideline buyers with a lucrative risk-to-reward ratio. Furthermore, the rising anticipations for the market-wide recovery might have a positive effect on many altcoins. Therefore, the chances of Algorand rising above $0.10 to cross $0.15 this October are significantly high.
On the other hand, if the ALGO price fails to regain the bullish momentum, it will prolong the falling trend. The ALGO price can form a new low of $0.081.
Filed under: Bitcoin - @ October 9, 2023 7:09 am