Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Cryptoknowmics 2022-09-27 11:59:27

ALGO Technical Analysis: Bullish Launchpad Ready To Skyrocket Algorand

The ALGO Technical Analysis shows a double bottom pattern forming at the $0.43 support level, teasing a bullish entry to capture the reversal rally. The ALGO/USDT pair supported by $0.28 monthly support shows a range-bound rally over the past three months. The altcoin failed thrice to surpass the $0.37 resistance, which acts as a bullish limiter for potential recovery. However, amid the recent recovery rally, the buyers broke this level and showed an ongoing retest phase. So, should you expect a post-retest reversal? Key Points: The Algorand prices retest the $0.37 mark. The range breakout increases the chances of a bullish crossover in the daily EMAs. The intraday trading volume in Algorand is $191 Million. Source – TradingView ALGO Technical Analysis The ALGO price action shows a bull cycle within the consolidation range between the $0.28 and $0.37 marks, breaking above the overhead resistance. The price jump accounts for a 36% appreciation in the Algorand token value and the 50 and 100-day EMA breakout. However, the increased selling pressure at the psychological mark of $0.40 results in a higher price rejection leading to an evening star pattern. This results in a declining trend that retests the broken consolidation range and the 100-day EMA. Nonetheless, the declining trend in the intraday trading volume during the retest and the lower price rejection at the supporting EMA projects a bullish turnaround possibility. Upon ...

freebitcoin
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.