2022-1-1 17:48 |
Algorand (ALGO/USD) has attracted much attention across the crypto charts because of its notable gains. The gains have been recorded despite selling pressure across the broader market. Bitcoin (BTC/USD) recently dipped to $46K, causing a recession in the market.
However, ALGO has taken another upswing with double-digit gains instead of dropping further. The buying pressure fuelling these gains comes despite analysts noting the token has entered into the overbought territory.
ALGO bulls are still strongThe price movement for the ALGO token has been bullish for the past several days. Those holding the token have made notable gains despite the recession across the broader market.
Going by the price action, the token could be primed for additional gains in the future. Therefore, short-term traders could be in for major profit-taking opportunities. The bulls, at this point, will be fuelled by both buyer support and market support.
At the time of writing, this token was trading at $1.70. This is a substantial gain, given that before the 24-hour bullish run, the token was trading at around $1.41. Given that the market is showing signs of a slight recovery from the dips that happened on Wednesday, ALGO’s uptrend could still progress.
ALGO at the overbought territoryOn the downside, there is still a chance that the token could make another flip and move south. While it has broken past major resistance levels during the uptrend, the lower support levels are also beckoning because of the bearish trend across the broader market.
On the other hand, the token’s bearish momentum could also come from the relative strength index, which shows that ALGO could be in the overbought territory. The RSI shows that this token could be headed towards a major downtrend that will likely erase most of the gains made during the past 24 hours.
In the case of dips, the $1.70 level will fail to hold, wherein the lower support will come in at $1.50. If this one also fails to hold in the case of increased selling pressure, it could dip further towards $1, but this level could most likely trigger dip-buying.
The post Algorand (ALGO) overcomes market bears to make an 18% uptrend appeared first on Invezz.
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