- ALGO token has been giving several higher price rejection candles near the $1.11 resistance level
- The ALGO/BTC pair was trading at 0.00002635 BTC with a gain of 2.70%
- The 24 hr trading volume in ALGO is $147.51 Million
The ALGO token showed an impressive recovery from the drop in price levels in the daily time frame chart, and now it’s back to the previous resistance level of $1.11 (also the Fibonacci level 0.5). The price has been giving several higher price rejection candles from the past few days, indicating the tremendous selling pressure at this level. Thus investors can expect a price drop from this level until the next support level of $0.93.
About the EMA’s, the 50 and 100 EMA coinciding with the $1.1 resistance level provides strong resistance to the ALGO token and does not allow it to cross this level. As for the 20 and 200, they are moving below the price and should provide some support to the token.
The RSI (NEUTRAL) value is at 50, indicating a neutral sentiment in the price movement. In addition, investors can also see a formation of a bullish slope in the RSI line indicating the bulls are slowly gaining momentum.
The Ascending Triangle Pattern In 4hr Time Frame Brings In New Opportunity For ALGO Traders
The 4hr time frame chart of the ALGO token shows the formation of an ascending triangle pattern. The key resistance for this pattern is the same mentioned above at the $1.11 level (also the traditional pivot level P). A breakout from this level would bring a good opportunity for ALGO trades to trade this.
The MACD indicator (BULLISH) shows both the MACD and the signal line moving above the neutral zone(0.00), currently indicating bullish sentiment. However, the constant crossover from this neutral zone from a few days states a sideways movement in price. The histogram also shows some faded green bars indicating bulls are losing their momentum.
Conclusion: From the technical perspective, the overall market sentiment of the token will remain sideways until it breaks the $1.11 level. Investors can wait for a breakout from this crucial resistance which could provide a first target till the $1.2 mark with a 13% gain.
Support– $0.94
Resistance– $1.11