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ALGO looked poised for a rebound as the TD Sequential indicator flashed a buy signal on the daily chart. The Funding Rate for ALGO’s Futures was slightly negative at -0.0054, indicating that short positions were paying long positions. Algorand [ALGO] has recently garnered attention for a potential price rebound, as signaled by the TD Sequential indicator on its daily chart. In the 1-hour chart, ALGO revealed a consolidation phase at press time, with the price testing a resistance level at $0.4020. After a period of decline, the price appeared to be stabilizing, indicating possible accumulation before an attempt to break higher. Source: TradingView Alternatively, the MACD indicator showed a bullish crossover, with the MACD line crossing above the signal line, signaling an increase in bullish momentum. This bullish crossover, coupled with price action approaching the resistance level, suggests that ALGO might be preparing for a significant upward move if it can break through the current resistance. A successful breakout could pave the way for further bullish momentum. A shift in market sentiment: Signs of a reversal The TD Sequential indicator, as highlighted by Ali on X, has flashed a buy signal on the daily chart for ALGO. This signal typically indicates that the current downtrend is exhausting itself, and a reversal could be on the horizon. The TD Sequential setup, with its countdown, points toward a potential shift in market sentiment from bearish to bullish. This aligns with the current price action and strengthens the case for a potential price rebound. The buy signal from TD Sequential suggests that the market might soon enter a more favorable phase for bulls, supporting the likelihood of an upcoming price rise. Is ALGO ready for the next move? The Funding Rate for ALGO Futures was slightly negative at -0.0054 at the time of writing,…

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Filed under: News - @ February 9, 2025 12:19 pm