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Sohrab Khawas
Sohrab Khawas
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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.
- Aug 29, 2023 06:11 UTC
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Algorand Price Analysis: Launch Preparations At $0.091, Will ALGO Price Reach $0.16?
ALGO price action displays a double bottom pattern forming at the $0.91 level.
The RSI indicator shows a bullish divergence in the double bottom.
Algorand price must overcome the strong supply portal at 50-day EMA.
ALGO Prices fail to fuel momentum into the falling wedge breakout rally, resulting in a bearish continuation. Algorand falls under the crucial psychological mark of $0.10, creating the lowest daily closing price of $0.0934.
The ALGO price action shares a trend similar to Bitcoin moving as it moves sideways. The lower price rejection in the sideways-moving candles reflects an underlying attempt to bounce ALGO prices higher.
Finding support at $0.091, the ALGO price action hints at a double bottom pattern with multiple lower-priced rejection candles. The RSI indicator shows a bullish divergence in the past two dips to support the bullish framework.
Currently, Algorand price trades at $0.0965 with an intraday fall of 0.82% following the remarkable 2.21% jump last night.
In the 1-day chart, ALGO price action displays a strong resistance trendline in play. Moreover, the 50-day EMA proves to be a strong entry point for supply as it provides multiple resistance contact points.
With the buyers planning to launch an uptrend in ALGO prices, the double-bottom breakout is the primary necessity. Following the breakout, the 50-day EMA moving along the resistance trendline will be a strong supply zone. Therefore, the uptrend might reach $0.1082 before taking a step back.
Optimistically, the resistance confluence breakout can propel the uptrend to the 200-day EMA at $0.16.
On the flip side, a drop below $0.091 will prolong the ALGO price crash to the next support level at $0.084.
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