- The 20-day EMA act as a strong dynamic support to the ALGO coin price
- The ALGO/BTC pair was trading at 0.00005697 BTC with a gain of 5.78%
- The 24 hr trading volume in ALGO is $684.4 Million
As mentioned in my previous article on ALGO Token, the coin offered an excellent opportunity for Crypto Investors with the formation of a rounding bottom pattern in the daily time frame. On 8th September, the coin price finally managed to give a proper breakout from this level, supported by substantial trading volume. Furthermore, the price performed a retest to this level, trying to obtain appropriate support.
The ALGO token’s market price is trading relatively high to the crucial EMAs 20, 50,100 and 200, indicating a strong bullish trend.
The RSI value (BULLISH) is at 71, indicating a strong bullish sentiment for this coin.
ALGO Token Chart In The 4hr Time Frame
The ALGO coin obtained strong support from the $1.8, displayed by few lower price rejection candles. Furthermore, the price provided a strong follow up with a bullish engulfing candle, suggesting the completion of its retest phase.
Moreover, the ALGO traders can use the traditional pivot levels in their chart, providing extraordinary confluence with the SR levels. Thus, it offers a better confirmation and an extra edge in their trading.
The MACD indicator (BULLISH) shows both the MACD line and signal lines moving higher above the neutral zone (0.00), indicating bullish sentiment. However, the indicator has provided a bearish crossover of these lines, projecting a sell signal for coin traders.
Conclusion: From the technical perspective, the overall sentiment of the ALGO coin is strongly bullish, and as mentioned, the price provided an excellent long entry opportunity for its traders with the breakout from a rounding bottom pattern. Thus, price sustain above the $1.8 mark should give the nearest target until the $2.5 mark, and more if that level is breached.
Support– $1.8
Resistance– $2.5