- On the daily price chart, it is possible to detect the ALGO price moving in a parallel channel with an uptrend.
- the crypto asset is moving above the 20 and 50 days moving average.
- The ALGO/BTC pair is at 0.00001523 BTC which is at a gain of 2.98%.
The ALGO price can be seen moving in a parallel channel of an uptrend movement over the daily price chart. The movement is flattering due to the continuous interruption of bears in the recovery phase, the bears are not ready to leave their dominance. So the ALGO bulls need to do some hard work to snatch the dominance.
If the bulls didn’t come forward to support the price now it can face a breakdown and it will create a difficult situation for the bulls as well as the investors. The bears are getting stronger and one of the major reasons is the domination by the traditional crypto BTC, which started rallying bearishly today. The investors can wait before making any move.
The current price for one ALGO coin is trading at $0.35 which is at a gain of 2.72% in its market capitalization in the last 24 hrs. The coin has a trading volume of 117 million which is at a small loss of 2.77% in the 24 hrs trading session and has a trading volume of 2.4 billion. The volume market cap ratio is 0.04739.
Short-term View of ALGO
While analyzing the chart for the short term we can observe a good uptrend movement even after interruption of the bears. Still the coin needs to attract more buyers to make a breakout through this parallel channel.
The MACD indicator shows the buyers’ line is moving above the sellers signal line but the histograms are withdrawing the support by fading. The relative strength index is moving towards the upper region very slowly. The RSI value is nearly equal to 60. So watching this manipulative behavior of the indicators investors should wait for a proper direction.
Conclusion
The ALGO price can be seen moving in a parallel channel of an uptrend movement over the daily price chart. So the ALGO bulls need to do some hard work to snatch the dominance. The dominance of the classic cryptocurrency BTC is one of the main reasons why the bears are becoming stronger. While the short term chart shows an uptrend movement even after the bearish interference.
Technical levels
Resistance levels: $0.37 and $0.43
Support levels: $0.32 and $0.27
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.