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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 ...

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