Algorand Price Analysis: ALGO Prices Back AT $0.10, Traders Confused In A Fakeout or Restest?
The post Algorand Price Analysis: ALGO Prices Back AT $0.10, Traders Confused In A Fakeout or Restest? appeared first on Coinpedia Fintech News
Despite an overall bearish declining trend, the tides for ALGO price were set to change with a triangle breakout However, the excessive selling pressure at the 50-day EMA and the bleeding altcoin market reverts the rally.
The breakout rally fails to find a closing above the 50-day EMA and falls 9.18% in the last 48 hours. This returns the ALGO price to the psychological mark of $0.10, a crucial support zone.
The sudden increase in selling pressure is seen in the sharp rise in trading volume, supporting the ALGO price downfall. The ALGO price action shows a third consecutive bearish candle forming and challenging the bullish dominance at $0.10.
However, the retracement might be a retest of the bullish breakout, lighting a bullish reversal hope. However, the long-term correction rally undermines the hope for recovery and may break under the $0.10 zone shortly.
The technical indicators maintain a neutral to bearish standpoint for the upcoming ALGO price trend. The daily RSI line falls under the halfway line to pre-breakout levels. Similarly, the MACD lines warn of a downfall as it prepares a bearish crossover.
The falling ALGO price action comes at a crossroads at the $0.10 zone. If the buyers manage to hold off the bearish downfall, the ALGO price can consolidate and reattempt the 50-day EMA breakout.
However, in case of a drop below $0.10, the ALGO prices are set to crash. As per the trend-based Fibonacci retracement, the next support levels are at $0.096 and $0.084. This predicts a downfall of 7.15% to 18% upon a $0.10 breakdown.
Filed under: Bitcoin - @ August 16, 2023 10:21 am