Algorand (ALGO) price bounced off weekly lows of $ 1.32 last Saturday (December 4th) despite the lack of tenacity to chase the uptrend.
ALGO has been on a downtrend so far this week after hitting a weekly high near $ 2 in December. Since then, this altcoin has lost about 15%.
Buyers are now trying to find a way to strengthen their positions as the ALGO price is up 2.64% on the day and is currently trading at $ 1.49.
ALGO still tilts down until it can break over $ 2.
ALGO cows prepare for their final dance. While the 14-day Relative Strength Index (RSI) is still below the center line, the upward momentum may be short-lived.
Meanwhile, the 50-day moving average (DMA) is on the verge of breaking above the 100 DMA.
If a bearish crossover occurs, which sends a negative signal to ALGO traders, a slide towards the 200-DMA at $ 1.36 is more likely. If it loses that level, bears will attempt to remove the December 4th low of $ 1.21.
Further south, the psychological $ 1 comes into play.
Daily chart ALGO / USD
Alternatively, the path to rebound could encounter an immediate hurdle at Friday high of $ 1.63, above which the 21-DMA would be at $ 1.73.
Once it can get near the $ 1.82 supply zone where the 50 and 100 DMAs converge, ALGO should be able to build momentum to break above $ 2.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Which tap to earn games has made players excited recently? Let's find out the top…
Starting August 16, DOGS airdrop claims will be available through Telegram Wallet and exchanges like…
The Dubai Court of First Instance has officially recognized the validity of salary payments in…
The Chicago Board Options Exchange has removed the 19b-4 form filings for VanEck and 21Shares’…
Bitcoin Fog founder Roman Sterlingov challenges a proposed 20 to 30-year prison term, calling it…
Franklin Templeton is seeking to launch a new cryptocurrency-focused ETF, the Franklin Crypto Index ETF,…
This website uses cookies.