ALGO Prices Back AT $0.10, Will it Break Below?
ALGO price action indicates a bullish failure to sustain the breakout rally.
ALGO prices have reversed from the 50-day EMA to retest the bullish dominance at $0.10.
Algorand prices are down by 7.17% in the last 24 hours.
Despite a triangle breakout, excessive selling pressure at the 50-day EMA and the bleeding altcoin market have reverted the rally.
The breakout rally failed to close above the 50-day EMA, falling 9.18% in the last 48 hours, returning to the $0.10 mark.
A sharp rise in trading volume supports the ALGO price downfall, with a third consecutive bearish candle challenging the bullish dominance at $0.10.
The retracement might be a retest of the bullish breakout, but the long-term correction rally may break under the $0.10 zone.
Technical indicators like daily RSI and MACD lines maintain a neutral to bearish standpoint, warning of a potential downfall.
If buyers hold off the bearish downfall at the $0.10 zone, ALGO price may consolidate and reattempt the 50-day EMA breakout.
A drop below $0.10 could lead to a crash, with the next support levels at $0.096 and $0.084, predicting a downfall of 7.15% to 18%.
