ALGO Price Analysis: Will Algorand Awaken With This Breakout?
Sohrab Khawas20 Sept 20231 min read
ALGO price is still in a deep correction, and the bears are in control. The price is down 98% from its all-time high of 3.77, and it’s struggling to find a bottom. If the downtrend continues, it could soon trade below its listing price.
Check out our ALGO price prediction for 2023-2030 now to see what the future holds for Algorand!
The ALGO price trend forms a descending triangle pattern with a strong resistance trendline in place. The baseline is close to $0.090, and the bounce back triggers a positive cycle in the triangle.
Currently, the upcycle breaks the resistance trendline but faces opposition from the 50-day EMA. This results in an intraday fall of 1.55% as ALGO price trades at $0.0955.
Following the 6.11% jump in Algorand coin price, the breakout rally may struggle to sustain and surpass the 50-day EMA. Moreover, the ALGO price maintains a sideways trend that questions the bullish credibility.
Technical indicators:
RSI indicator: The RSI line is moving sideways along the halfway line, which resonates with the losing bullish momentum.
MACD indicator: With the MACD and signal lines back in sync, the indicator is once again pointing to a bullish market.
Will ALGO Price Rise Above $0.10?
If ALGO wants to hit $0.10, the bulls gotta keep the trend above the broken resistance trendline and keep the rally going. If they can do that, the price could keep rising past $0.1089 and end 2023 on a high note.
On the other hand, if the ALGO price doesn’t break through the resistance trendline, it could start a new downtrend. Traders can expect the price to find a new low of $0.081.
