Algorand

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/algorand-price-analysis-algo-prices-back-at-0-10-traders-confused-in-a-fakeout-or-restest/">Algorand Price Analysis: ALGO Prices Back AT $0.10, Traders Confused In A Fakeout or Restest?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Despite an overall bearish declining trend, the tides for ALGO price were set to change with a triangle breakout However, the excessive selling pressure at the 50-day EMA and the bleeding altcoin market reverts the rally.&nbsp; 
The breakout rally fails to find a closing above the 50-day EMA and falls 9.18% in the last 48 hours. This returns the ALGO price to the psychological mark of $0.10, a crucial support zone.&nbsp; 
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The sudden increase in selling pressure is seen in the sharp rise in trading volume, supporting the ALGO price downfall. The ALGO price action shows a third consecutive bearish candle forming and challenging the bullish dominance at $0.10. 
However, the retracement might be a retest of the bullish breakout, lighting a bullish reversal hope. However, the long-term correction rally undermines the hope for recovery and may break under the $0.10 zone shortly.&nbsp; 
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The technical indicators maintain a neutral to bearish standpoint for the upcoming ALGO price trend. The daily RSI line falls under the halfway line to pre-breakout levels. Similarly, the MACD lines warn of a downfall as it prepares a bearish crossover.&nbsp; 
The falling ALGO price action comes at a crossroads at the $0.10 zone. If the buyers manage to hold off the bearish downfall, the ALGO price can consolidate and reattempt the 50-day EMA breakout.&nbsp; 
However, in case of a drop below $0.10, the ALGO prices are set to crash. As per the trend-based Fibonacci retracement, the next support levels are at $0.096 and $0.084. This predicts a downfall of 7.15% to 18% upon a $0.10 breakdown.

Algorand Price Analysis: ALGO Prices Back AT $0.10, Traders Confused In A Fakeout or Restest?

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