ALGO Price Analysis: Triangle Breakout Marks Grand Bullish in Algorand Price!
The post ALGO Price Analysis: Triangle Breakout Marks Grand Bullish in Algorand Price! appeared first on Coinpedia Fintech News
Despite a declining trend, ALGO prices are down 96.62% from the all-time high of $3.28. However, the remarkable buying pressure at the psychological mark of $0.10 led to solid bottom support.
ALGO price action formed a descending triangle pattern with constant resistance from the 50-day EMA and the resistance trendline. However, the multiple bouncebacks from the $0.10 mark, with the bullish divergence in the RSI line, finally led to a bullish breakout.
The recent 4.96% jump in ALGO prices following the morning star pattern at the $0.10 mark marks a bullish triangle pattern breakout. Moreover, the surge in the trading volume supporting the breakout candles projects a prolonged uptrend.
The technical indicators maintain a bullish standpoint for the upcoming ALGO price trend. The daily RSI line maintains an uptrend with the bullish divergence and preps to cross the halfway line. Similarly, the stochastic RSI lines maintain an uptrend following the bullish crossover.
The triangle breakout marks an unleashing spot of the trapped momentum that might continue to push the ALGO prices for the rest of the week. The bullish rally might face resistance at the confluence of the 50-day EMA and 23.60% Fibonacci level at $0.1225.
Optimistically, the breakout rally can reach the 50% Fibonacci level at $0.1414.
On the flip side, a retest phase of the bullish breakout is possible with an early reversal.
