The post ALGO Price Analysis: Trend Reversal Hints At An Algorand Rally! appeared first on Coinpedia Fintech News Despite taking a rocky road in 2023, the ALGO price displays a pivotal moment of reversal that might revive the altcoin. Taking a bullish reversal from $0.088, the Al...
Despite taking a rocky road in 2023, the ALGO price displays a pivotal moment of reversal that might revive the altcoin. Taking a bullish reversal from $0.088, the Algorand prices reclaim the psychological mark of $0.10 and tease a longer uptrend.
Prior to the recovery, the ALGO price displayed a lower high formation under the influence of the 50-day EMA, reflecting strong supply pressure. However, the strong support at the $0.088 mark helps the buyers find solid footing, leading to a reversal rally.
The high speed recovery rally aligns with the Uptober rally in the overall market, leading to the 50-day EMA breakout. Moreover, the Algorand prices also surpass an overhead declining trendline to reclaim the $0.10 mark.
Currently, the bullish reversal helps the ALGO price trade at $0.1063 with the recent overnight jump of 4.72%, forming a green engulfing candle. Moreover, the Algorand price action displays a rounding bottom reversal with a neckline at $0.1085.
Technical indicators:
Will ALGO Price Give A New Breakout Rally?
Sustaining above the $0.088 mark reflects a short underlying demand for ALGO price as the market bounces back. Therefore, the possibility of an uptrend in the altcoin arises and may soon reclaim higher levels.
The ongoing rounding bottom pattern can be pivotal in Algorand’s trend reversal with the $0.1085 breakout. If the ALGO price regains its breakout momentum, it can reach the 200-day EMA at $0.1327. On the flip side, a reversal from $0.1085 can retest the 50-day EMA at $0.0987.