ALGO Started trending towards lower levels around the 14th of this month. And since then, all the price action of this crypto has retraced below the long-term support level of $0.3000. Nevertheless, there are interesting signs in the ALGO/USD market, and we must examine them.
Algorand Forecast Statistics Data:
Algorand Current Price: $0.3080
Algorand Market Capitalization: $2.1 billion
Algorand Systemic Supply: 6.9 billion
Algorand Overall Supply: 7.3 billion
Algorand Coinmarketcap Position: #31
Important Levels:
Top Levels: $0.3082, $0.3336, $0.3400
Bottom Levels: $0.3459, $0.3347, $3331
Is ALGO Attempting to Retrace Higher Level, Tama a Real Game Changer
Examining the ALGO/USD chart one can easily spot a green candlestick showing up after a long red one. This red candle sunk price significantly in just one trading session. This indicates that there was a lot of selling in that session. Nevertheless, it appears as if the buyer has mounted a buy order of around $0.2800. Eventually, these pending order ware triggered when selling pressure was triggered. It is okay to expect that an uptrend may resume from here as buying pressure may increase given the possibility of subsequent value increase. Traders can catch in early on developing upward price increase, by placing a buy order near the current price of $0.2914.
Algorand Price Analysis: ALGO/USD Uptrend Appears Weak
On an ALGO/USD 4-hour chart, there are trading indicators giving clues about increasing traders’ strength. The EMA lines can be seen moving ever closer to the price of candles. Consequently, a further increase in buying pressure will cause the price candle to cross above the quicker EMA line. Eventually, this will throw open doors for more upside value gain, as more traders will want to ride the trend.
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In addition, the Stochastic RSI threads are already rising upwards. And, this portrays that buyers are beginning to mount pressure. This is further to the fact that an uptrend is brewing. Eventually, the price may rise to nearly $0.3200.
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Source: https://insidebitcoins.com/news/algo-may-be-retracing-higher-level-tama-to-pump-furiously