The Algorand (ALGO) price hovering above the $0.81 support indicates the sellers might have been exhausted from their previous bear attack. Furthermore, a bullish breakout from the immediate resistance of $1 would signal the first hint for a recovery phase.
Key technical points:
- The ALGO price indicates a 22% gain from last week
- The daily-MACD indicator lines provide bullish crossovers in the negative region.
- The intraday trading volume in the ALGO coin is $260 Million, indicating a 9.35% gain
Ascending Triangle Breakout Brings 25% Growth Opportunity
Source- Tradingview
The minor consolidation in price action revealed an ascending triangle pattern in the 4-hour time frame chart. The buyers could sustain the bullish breakout from the $1 neckline the coin price should pump to $1.25 in the upcoming.
However, a breakout from the $1.25 resistance would suggest a genuine trend reversal.
The significant drop in ADX value indicated the loss of bearish momentum during the recovery rally. If buyers complete the bullish chart pattern by sustaining above the $1 mark, the ADX slope would curve up, supporting the bullish momentum.
Trending Stories
Source- Tradingview
During the first half of January, the ALGO bulls were strongly defending the $1.25 mark. However, due to the recent bloodbath in the crypto market, the buyers lost this crucial support and tumbled 35% to the $0.82 level.
Since last week, the coin price has been wobbling in a narrow range between the $1 and $0.82 mark. Today, the ALGO price finally attempts to breach the overhead resistance for a bullish reversal.
Moreover, the MACD indicator provides a bullish crossover of the signal and the MACD lines, projecting a buy signal for crypto traders. However, the down-slopping of crucial EMA levels(20, 50, and 100), indicates the coin is still under a bearish cloud.
- Resistance levels- $1, and $1.25
- Support levels-$0.81 and $.068
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- SEC Chair Gensler Responds To Terra Crash, More Regulation Due?
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- Ethereum Shorts Building Up, ETH Exchange Supply Rises
- Bitcoin (BTC) Hits 3-Day Death Cross, More Bloodbath Coming?
- Crypto Expert PlanB Reveals New Bitcoin (BTC) Bull Run
- Solana (SOL) NFT Trades Moon Amid Crypto Crash
- LUNA Founder Faces Community Backlash Over LUNA Revival Plan; Here’s Why
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?
