- Algorand Price formed a reverse cup and handle pattern on the hourly chart
- The coin has been on a descending triangle pattern since mid-September
Algorand Price has been on a descending triangle pattern on the daily charts. The coin broke the baseline of the triangle pattern and took support at $ 1.25. This support is significant as the coin started its upward rally to peak at $ 2.56 in early September 2021. The coin since has been on a downward trend making lower highs thus forming the triangle. The descending triangle is generally a bearish reversal pattern, but, since the long-term support is strong the coin took support at $ 1.25. The coin is currently trading between $ 1.25 and $ 1.56. The $ 1.56 zone has acted as the support zone of the triangle pattern for a long term and is now currently acting as the resistance zone for the coin.
ALgorand Price has formed a reverse cup and handle pattern on the hourly time frame. The coin was trading in a range between $ 1.44 and $ 1.32 for a brief period before starting off a brief rally to the levels of $ 1.50 forming the cup and later the handle with resistance at $ 1.40. Having said that the coin has been on a bullish momentum over the last few hours even after a bearish reversal pattern (reverse cup and handle is a bearish reversal pattern). The coin looks set for a brief bullish momentum over the next few hours.
Conclusion:
Algorand has formed a reverse cup and handle pattern on the hourly chart but has shown a bullish reversal signal post the completion of the pattern. The coin has been on a descending triangle pattern for a long time now.
Support: $ 1.25
Resistance: $ 1.56
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