Algorand makes a smooth correction to the downside, after it has experienced rejection at the resistance around $0.3700. Nevertheless, this downward correction seems to have reached its end. Perhaps that was said too early, wasn’t it? Alright then let’s dive into the analysis of this market’s price activity.
ALGO Forecast Statistics Data:
ALGO Current Price: $0.3080
ALGO Market Capitalization: $2.1 billion
ALGO Systemic Supply: 6.9 billion
ALGO Overall Supply: 7.3 billion
ALGO Coinmarketcap Position: #31
Key Levels:
Top Levels: $0.3082, $0.3336, $0.3400
Bottom Levels: $0.3459, $0.3347, $3331
ALGO/USD Starts an upward Correction, as Tamadoge Gets Set for a Great Start
The ALGO/USD price chart is already showing signs of recovery, with the formation of the bullish candle at the lower limits of the Bollinger Band. Furthermore, this appears to be the start of an upside correction. Little may still be said about its magnitude though. However, considering the Stochastic RSI indicator, we might say this may be a significant uptrend. This assumption comes from the fact that the indicator lines have reached deeply into the oversold. Another is the fact that once an uptrend starts from here, there will be more room for the strength of the trend to develop, as price rises high.
Algorand Price Analysis: ALGO/USD Uptrend Appears Weak
Taking a look at the ALGO/USD 4-hour Chart, we see that a rebound occurred off the lower limit of the Bollinger. Nevertheless, this rebound seems very weak, as price action corrected downwards again not long after. Also, the Stochastic Indicator portrays weakness, as its faster line is currently bending towards the slower one.
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Consequently, if selling pressure should grow stronger, price activity may retrace downwards. Subsequently, this may land Algorands price at lower support of $0.300 and $0.290. A trader seeking to enter this market can place a buy stop at around $0.3300. By placing a buy stop here will assure traders that a significant uptrend has begun should the setup be triggered. However, lower entry prices can be placed, if one seeks to maximize profit, but the downside is that it is less safe.
Tamadoge is also securing strategic listings on centralized and decentralized exchanges as part of its roadmap. The first listing has already been secured on LBank. LBank is a centralized exchange, and the Tamadoge team is optimistic that TAMA could be paired with ETH to support the projects rapid growth as it faces improved liquidity.
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Source: https://insidebitcoins.com/news/is-algorand-correcting-upwards-tamadoge-has-a-better-outlook