Maintaining the deep correction phase, the ALGO price remains under a strong bearish influence. Trading at a 98% drop from the all-time high of 3.77, Algorand struggles to find a reversal spot. If the downtrend continues, the crypto might shortly trade lower than the listing price.
With a strong resistance trendline in action, the ALGO price trend forms a descending triangle pattern. With the baseline close to $0.090, the bounce back triggers a positive cycle in the triangle.
By forming a morning star, the Algorand coin price jumps 6.11% and increases the breakout possibility. However, the daily candle shows higher price rejection with no intraday growth; the Algorand coin price trades at $0.0935.
Moreover, the ALGO price action forms a triple white soldier pattern in the daily chart to form a V-shaped reversal. However, the uptrend will soon face opposition from the overhead resistance trendline.
RSI indicator: With the bullish divergence clear as the day, the RSI line spikes higher and teases a bullish comeback.
MACD indicator: With the MACD and signal lines regaining the bullish alignment, the indicator redials into the bullish force.
Will ALGO Price Rise Above $0.10?
For ALGO to reach $0.10, the bulls must break through the resistance trendline and keep the rally going. If they can do that, the price could keep rising beyond $0.1089 and end 2023 on a high note.
Conversely, if the ALGO price is rejected at the resistance trendline, it could trigger a new downtrend. Traders can expect the ALGO price to find a new bottom at $0.081.
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks