-ALGO has risen 64% over the last week
-Price has now formed an ascending triangle
-ALGO has been held up by the 30MA
Algorand just had one of its best weeks in terms of percentage growth since many months ago. Back on the 7th of September, the entire cryptocurrency market experienced a massive pullback that brought many coins down -20% or more. Since then, ALGO has revived over 140% to a new all time high of $2.49. Algorand offers a highly efficient proof of stake blockchain that can outperform many of the other top blockchain platforms. Just now people seem to be realizing the value in these highly efficient blockchain technologies.
Ever since ALGO broke over the $1.95 level, it has successfully held it as support. Over the past few days, bulls have been having trouble breaking over the major resistance zone found from $2.22-$2.40. Each time price has touched this level, it has failed to hold it & has gotten rejected back down to the next support. This price action over the last few days has formed what’s known as an ascending triangle. This is a generally bullish pattern as it is activated once the top trend breaks. If bulls manage to hold within the zone ALGO is currently in, expect prices to rise to $2.69 fairly soon.
Since the beginning of September, price has been holding above the 30MA besides on September 7th when prices had a flash crash & rebounded right back above it. We can use this MA as a good gauge as to whether or not ALGO is in a bullish trend. At the time of writing, this MA is directly in line with the bottom trend line of the ascending triangle ALGO has formed. In the case that bears assert more control & pull ALGO below its ascending triangle, expect prices to land between $1.77-$1.94.
While looking at the Stochastic RSI, we can see strength has just entered the overbought territory. If strength continues within this zone, ALGO may be in position to break towards another ATH. If strength breaks below the 80 value, expect prices to fall back to the support trend of the triangle. While looking at the MACD, we can see the MA’s have been floating well above the 0 value within bullish territory. As long as the histogram continues ticking green, price is in a bullish state.
ALGO Intraday Analysis
Spot rate: $2.34
Trend: Bullish
Volatility: Medium
Support: $2.22
Resistance: $2.40
-Price has now formed an ascending triangle
-ALGO has been held up by the 30MA
Algorand just had one of its best weeks in terms of percentage growth since many months ago. Back on the 7th of September, the entire cryptocurrency market experienced a massive pullback that brought many coins down -20% or more. Since then, ALGO has revived over 140% to a new all time high of $2.49. Algorand offers a highly efficient proof of stake blockchain that can outperform many of the other top blockchain platforms. Just now people seem to be realizing the value in these highly efficient blockchain technologies.
Ever since ALGO broke over the $1.95 level, it has successfully held it as support. Over the past few days, bulls have been having trouble breaking over the major resistance zone found from $2.22-$2.40. Each time price has touched this level, it has failed to hold it & has gotten rejected back down to the next support. This price action over the last few days has formed what’s known as an ascending triangle. This is a generally bullish pattern as it is activated once the top trend breaks. If bulls manage to hold within the zone ALGO is currently in, expect prices to rise to $2.69 fairly soon.
Since the beginning of September, price has been holding above the 30MA besides on September 7th when prices had a flash crash & rebounded right back above it. We can use this MA as a good gauge as to whether or not ALGO is in a bullish trend. At the time of writing, this MA is directly in line with the bottom trend line of the ascending triangle ALGO has formed. In the case that bears assert more control & pull ALGO below its ascending triangle, expect prices to land between $1.77-$1.94.
While looking at the Stochastic RSI, we can see strength has just entered the overbought territory. If strength continues within this zone, ALGO may be in position to break towards another ATH. If strength breaks below the 80 value, expect prices to fall back to the support trend of the triangle. While looking at the MACD, we can see the MA’s have been floating well above the 0 value within bullish territory. As long as the histogram continues ticking green, price is in a bullish state.
ALGO Intraday Analysis
Spot rate: $2.34
Trend: Bullish
Volatility: Medium
Support: $2.22
Resistance: $2.40
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.