In the chart below, ALGO is approaching a vital dominating level
Algorond coin price is trading into the falling wedge chart pattern and observing near above the vital support level.
ALGO coin has been underperforming for the past 5 months, therefore crypto lost around 77% of its cost.
Algorand coin price is trading below important moving averages (such as 20, 50, 100 and 200 MA) in terms of the daily price chart. Similarly, price is currently trading well below the Red Moving Lines of EMA Ribbon indicator, which is the biggest sign of weakness for long-term holders.
Recently, Stoch RSI generated a crossover under the oversold area, where D is looking at 23-points, similarly D is looking at 13-points. Bulls can take advantage of this signal. Furthermore, the Average Directional Index is moving higher, which suggests strong momentum for the ALGO coin.
Algorand coin is trading near an important support level, traders should wait for confirmation of a directional trend. If the bulls manage to hold the coin price above $0.68, there could be a breakout of the descending wedge pattern. On the other hand, ALGO could reach lower levels.
Support level- $0.680 and $0.370
Resistance level- $0.88 and $1.30
ALGO coin has been underperforming for the past 5 months, therefore crypto lost around 77% of its cost.
Algorand coin price is trading below important moving averages (such as 20, 50, 100 and 200 MA) in terms of the daily price chart. Similarly, price is currently trading well below the Red Moving Lines of EMA Ribbon indicator, which is the biggest sign of weakness for long-term holders.
Recently, Stoch RSI generated a crossover under the oversold area, where D is looking at 23-points, similarly D is looking at 13-points. Bulls can take advantage of this signal. Furthermore, the Average Directional Index is moving higher, which suggests strong momentum for the ALGO coin.
Algorand coin is trading near an important support level, traders should wait for confirmation of a directional trend. If the bulls manage to hold the coin price above $0.68, there could be a breakout of the descending wedge pattern. On the other hand, ALGO could reach lower levels.
Support level- $0.680 and $0.370
Resistance level- $0.88 and $1.30
