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Algorand

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/algorand-price-analysis-launch-preparations-at-0-091-will-algo-price-reach-0-16/">Algorand Price Analysis: Launch Preparations At $0.091, Will ALGO Price Reach $0.16?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
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 <a href="https://coinpedia.org/price-prediction/algorand-algo-price-prediction/" rel="noopener noreferrer nofollow">ALGO price</a> 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.&nbsp;&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh6.googleusercontent.com/6MHOeu6i7pyfAS5ZMuBcXd28I4KMqioF9SWA3D14uFrE0vwQKGbvFLQ_FPvlQHSTRKbvCtcZwgqHbStQYLOjKSyelAFE6QRzzs86J3PC_4dwqqSrCRX0xlUejIIU0212x6BzprSa8p5wI35OCNLYrM4" alt=""> 
</figure> 
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.&nbsp; 
Currently, Algorand price trades at $0.0965 with an intraday fall of 0.82% following the remarkable 2.21% jump last night.&nbsp; 
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.&nbsp; 
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.&nbsp; 
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.

Algorand Price Analysis: Launch Preparations At $0.091, Will ALGO Price Reach $0.16?

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