Algorand (ALGO) Can breakout From Here: Buy Now or Wait?

2 months ago 27147

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Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.

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ALGO Crypto Price Analysis

Current Price: $0.124
Market Cap: $1.02 billion
24h Trading Volume: $22.35 million
Circulating Supply: 8.25 billion ALGO
Total Supply: 10 billion ALGO

Price is in a Downtrend, however, there are some improvements. It had a bullish breakout from Falling Wedge pattern and reached $0.15 resistance.

Pullback to $0.11 support could be a swing trade entry with +25% upside potential to $0.15. Stop Loss at $0.107.

This is a riskier trade setup because it’s a trend reversal not a trend continuation setup. It’s against the overall downtrend.

Weekly Price Analysis

Throughout the past week, ALGO has experienced significant fluctuations, starting at $0.128 and reaching a weekly high of $0.133.

Weekly Highlights:

7-day Change: -1.56%
Week Open Price: $0.128
Weekly High: $0.133
Weekly Low: $0.124
Trend: Short-term trend is Neutral, Medium-term trend is Down, Long-term trend is Strong Down.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently).
Support and Resistance: Nearest Support Zone is $0.11, then $0.087. Nearest Resistance Zone is $0.15, then $0.20.

Technical Indicators

The technical analysis for ALGO on September 16, 2024, points to the following indicator values:

Relative Strength Index (RSI): RSI is trending around 45.
Moving Average Convergence Divergence (MACD): The MACD line is slightly below the signal line.
Bollinger Bands: ALGO is currently moving closer to the lower Bollinger Band.

News Roundup

Blockchain Education Initiative: Algorand recently partnered with Nigerian institutions to train over 100 individuals in blockchain and software development.
Global Market Sentiment: Despite challenges in the broader cryptocurrency market, Algorand continues to secure strategic partnerships.
Price Predictions: Analysts speculate that Algorand could rise to $0.30 by 2025 if the market recovers and ALGO maintains its growth trajectory.

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