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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 20, 2023 07:08 UTC
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ALGO Price Analysis: Will Algorand Awaken With This Breakout?
ALGO price is still in a deep correction, and the bears are in control. The price is down 98% from its all-time high of 3.77, and it’s struggling to find a bottom. If the downtrend continues, it could soon trade below its listing price.
Check out our ALGO price prediction for 2023-2030 now to see what the future holds for Algorand!
The ALGO price trend forms a descending triangle pattern with a strong resistance trendline in place. The baseline is close to $0.090, and the bounce back triggers a positive cycle in the triangle.
Currently, the upcycle breaks the resistance trendline but faces opposition from the 50-day EMA. This results in an intraday fall of 1.55% as ALGO price trades at $0.0955.
Following the 6.11% jump in Algorand coin price, the breakout rally may struggle to sustain and surpass the 50-day EMA. Moreover, the ALGO price maintains a sideways trend that questions the bullish credibility.
Technical indicators:
RSI indicator: The RSI line is moving sideways along the halfway line, which resonates with the losing bullish momentum.
MACD indicator: With the MACD and signal lines back in sync, the indicator is once again pointing to a bullish market.
Will ALGO Price Rise Above $0.10?
If ALGO wants to hit $0.10, the bulls gotta keep the trend above the broken resistance trendline and keep the rally going. If they can do that, the price could keep rising past $0.1089 and end 2023 on a high note.
On the other hand, if the ALGO price doesn’t break through the resistance trendline, it could start a new downtrend. Traders can expect the price to find a new low of $0.081.
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