Algorand (ALGO) Stays Bullish Treading Waters Above $0.60

2020-8-24 15:23

The Algorand (ALGO) price has broken out from a long-term resistance level and validated it as support afterward.

As long as the price is trading above it, the trend is considered bullish.

Algorand (ALGO)

The ALGO price has been increasing since reaching a bottom of $0.093 in March.

While the increase initially was gradual, the price created a massive bullish candlestick during the week of Aug 10-17, which transpired with significant volume.

This caused the price to move above the $0.51 resistance level. This is the same resistance zone that has stopped ALGO from moving any higher since August 2019. The price validated this level as support the following week.

If ALGO manages to hold on above this support, the next resistance area would be found at $0.85.

Technical indicators are still bullish. The RSI is increasing and so is the MACD, even though the former has reached overbought levels.

ALGO Chart By TradingView Parallel Ascending Channel

A look at a shorter-term time-frame reveals that the price had been trading inside an ascending channel since Aug 2. While the price broke out from it on Aug 13, it has now returned back inside.

Furthermore, after breaking out from a descending resistance line, the price returned to validated it as support, along with the support line of the channel. Currently, the price is trading near the middle of the channel.

A breakout above the resistance line of the channel and the $0.66 area would likely accelerate the upward move.

ALGO Chart By TradingView Wave Count

Cryptocurrency trader @glowto1994 stated that ALGO likely has one more drop towards $0.45 before the price bounces to $0.90.

Source: Twitter

Indeed, it seems that ALGO has begun a five-wave formation (black in the chart below) in March, and is currently in wave 4, which is transpiring with an A-B-C sub-wave count (blue).

The level that the correction is expected to end is found near $0.45, the 0.5 Fib level of the entire wave 3, before the price resumes its upward movement.

However, due to the length of waves 3 and 1, the price could decrease all the way to $0.23 (top of wave 1) and the wave count would still remain valid.

While this seems unlikely, it is still a possibility. If the price completes an extended correction, it would be more common for it to end near the 0.786 Fib level at $0.29.

ALGO Chart By TradingView

To conclude, while the long-term trend for ALGO is bullish, a decrease is expected before it can resume its upward movement.

The post Algorand (ALGO) Stays Bullish Treading Waters Above $0.60 appeared first on BeInCrypto.

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