The post Algorand Price Analysis: Will ALGO Price Break Out Soon? appeared first on Coinpedia Fintech News
Despite the instability in the crypto market, ALGO price has managed to secure a place in the top 10 performers of the week. The price has been trading in an ascending channel for over two weeks now.
The price was seen trading in a consolidated range of $0.09242 to $0.09733 for a brief period of time. After failing multiple attempts to break the range, ALGO finally broke down, resulting in the price plummeting. Further, the bulls managed to overpower the bears and push the price up.
Following multiple failed attempts to break out of the resistance level, Algorand Price finally broke the level. Moreover, Algorand is on the verge of experiencing a Golden Cross, which could ignite a bullish moment, resulting in the ALGO price testing its resistance level of $0.10505 soon.
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Further, the ALGO token has displayed a bullish engulfing candle in its charts, indicating the possibility of massive price action soon.
The RSI levels have constantly traded above the mid-point for over a week, indicating strong buying and selling power for the coin. Further, the RSI displays an uptrend, indicating the price will increase in the coming days.
On the other hand, the MACD displays constant flatlines in its charts, indicating weak price action. Moreover, a bullish convergence can be seen in the chart, indicating the possibility of massive price action soon.
In conclusion, if the bulls continue to gain power and ALGO manages to break out of the resistance level of $0.10049, then the price will experience a bullish moment. Further, if the coin manages to hold the level, it will prepare to test the resistance level of $0.10505 this month.
But if the bears regain power and a trend reversal occurs, the coin will form a double top, and the price will plunge and test its support level of $0.09733 by the weekend. Further, if the price fails to hold that level, it is bound to test its crucial support level of $0.09242 by the end of September.