- ALGO coin price is obtaining strong support from the 50-day EMA.
- The ALGO/BTC pair trading at 0.00003017 BTC, with a gain of 1.73%,
- The ALGO coin 24-hours trading volume is $346.5 Million, indicating a 7.73% loss
As mentioned in my previous article on Algorand, The ALGO coin obtained proper support from the $1.7 and tried to bounce back to the higher levels. However, it faced strong resistance from the $2 mark and was rejected from this level with an evening star pattern.
The whole wavering movement in this technical chart gave rise to the ascending triangle pattern in the daily time frame chart, providing an excellent opportunity for a crypto trader. The neckline for this pattern was at the $2 mark, and the price was trying to break through this level.
As per the EMA’s, the ALGO coin indicates a strong uptrend, with its price trading above 20, 50, 100, and 200.EMA’s. Moreover, the 50 EMA line is proving strong dynamic support to the coin price.
The RSI value stands at 64, indicating a bullish emotion regarding the coin.
ALGO Coin In The 4-hour Time Frame Chart
The ALGO coin price has provided a 4-hour candle closing above the $2, indicating an entry opportunity for crypto traders. However, such an attempt was made on November 10th, but the price could sustain above the $2 mark and be pushed back to lower levels.
As per the traditional pivot levels, the nearest resistance for ALGO price is $2.18, followed by $2.28. As for the other side, the crypto traders can expect the nearest support at $2, followed by $1.975.
Conclusion: From the technical perspective, the overall sentiment for the ALGO coin is bullish. Moreover, a bullish chart pattern provides a more positive outlook for this coin. However, as mentioned, the coin traders should be cautious about a fakeout, and therefore they should wait for a daily candle to close above the $2 level to confirm their breakout.
Support – $2
Resistance-$2.5