- 1
ALGO price gave a bullish uptrend of 32 percent - 2
ALGO price might take resistance from the 100 EMA
ALGO price has been trading under the 200-day EMA for a few months, firmly within the bears’ grasp. Before that, it broke its wedge-like pattern made around the price range of $0.2800 to $0.4400. While making consistent upper highs ALGO price was taking support at near $0.2800.
After breaking its support with a strong bearish candle and giving a retest, ALGO price took a severe downfall, losing 41 percent. The price consolidated around $0.2300, however it did not sustain above that phase.
After taking support from the price of $0.1800 and making a bullish hammer candlestick pattern ALGO price started moving on a bullish uptrend gaining 47 percent within a few weeks although after making a bull run the price did take a bearish correction of 15% after taking resistance from the 100 EMA but with strong support from the buyers, ALGO price again retested its resistance and successfully crossed over it.
ALGO Price Testing its Resistance (Daily Time frame)
The market sentiment for ALGO price has taken a bullish turn. According to the Greed and Fear Index calculated by Alternative(dot)me, ALGO price, after trading under the bears’ influence for the last couple of days near 30 points, is currently being favored by the bulls. It is now trading at around 60 points. According to Coinglass, the buyers are currently dominating the market by 50-54 percent across most of the major trading platforms.
Technical Analysis (1 Day Timeframe)
ALGO price is currently trading under the 200-day EMA in a bearish trend, although, after making a bearish downturn by 37 percent. ALGO price took rejection from the 200-day EMA and crossed below key averages. ALGO price is presently making bullish pattern candles. After making a bullish candle pattern of three white soldiers, ALGO price has regained 31 percent value. As of now, it is taking resistance from the 100-day EMA while it trades above the 20- and 50-day EMAs.
Conclusion
ALGO’s price is facing severe resistance at the 100-day EMA – $0.2396, while its next resistance is just 20 percent above it at the 200-day EMA around the price of $0.2884. The current ALGO price is $0.2343 with a change in 24-hour trading volume of 158.91 percent.
Technical levels –
Support – $0.2209
Resistance – $0.2396 and 0.$2343
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/23/algo-price-analysis-is-algo-price-facing-severe-resistance/