- The ALGO token price reclaims the 20 EMA in the daily time frame chart
- The ALGO/BTC pair trading at 0.00003017 BTC, with a gain of 1.73%,
- The ALGO token 24-hour trading volume is $346.5 Million, indicating a 7.73% loss
The ALGO token price gathered hopes of many long crypto trades when it displayed the double bottom at the crucial support of $1.53. The neckline for this pattern was at the $2 mark; however, the token price could never pass from this neckline, and instead, it rejected from this resistance level and dropped back to the $1.72 support,
As per the EMA’s, the ALGO token indicates an uptrend, with its price trading above 20, 50, 100, and 200.EMA’s
The RSI value stands at 53, indicating a bullish emotion regarding the coin. However, the RSI still shows weakness in its chart concerning the coin’s price action.
ALGO Token Shows A Short Consolidation Phase
The ALGO token price has been resonating between two definite levels of $2 and $1.53 for almost a month now. This consolidation phase has created a short-range in its, and the ALGO traders expect a solid directional move once the price breaks out from either level of this range. The current price of the ALGO token is $1.84, with an intraday gain of 2.51%.
The Moving average convergence/divergence(MACD) indicator (NEUTRAL) shows the MACD and signal lines are trying to move above the neutral zone (0.00), indicating a shift from bearish to bullish momentum.
Conclusion: From the technical perspective, the overall sentiment for the ALGO token is bullish. However, the coin is still under its retracement phase and now forming a short-range in its lower time frame chart. Anyhow, maybe this range could help the crypto trader to figure which side the price wants to rally once it provides a decisive breakout from either of the crucial levels.
Support – 1.83