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The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/algo-price-analysis-will-algorand-rally-escape-the-triangle/">ALGO Price Analysis: Will Algorand Rally Escape The Triangle?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Maintaining the deep correction phase, the ALGO price remains under a strong bearish influence. Trading at a 98% drop from the all-time high of 3.77, Algorand struggles to find a reversal spot. If the downtrend continues, the crypto might shortly trade lower than the listing price.&nbsp; 
Check out our <a href="https://coinpedia.org/price-prediction/algorand-algo-price-prediction/">ALGO Price Prediction</a> Now to learn more about the Future of ALgorand.&nbsp; 
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With a strong resistance trendline in action, the ALGO price trend forms a descending triangle pattern. With the baseline close to $0.090, the bounce back triggers a positive cycle in the triangle.&nbsp; 
By forming a morning star, the Algorand coin price jumps 6.11% and increases the breakout possibility. However, the daily candle shows higher price rejection with no intraday growth; the Algorand coin price trades at $0.0935. 
Moreover, the ALGO price action forms a triple white soldier pattern in the daily chart to form a V-shaped reversal. However, the uptrend will soon face opposition from the overhead resistance trendline.&nbsp; 
Technical indicators: 
RSI indicator: With the bullish divergence clear as the day, the RSI line spikes higher and teases a bullish comeback.&nbsp; 
MACD indicator: With the MACD and signal lines regaining the bullish alignment, the indicator redials into the bullish force.&nbsp; 
<h2 id="will-algo-price-rise-above-0-10" data-name="will-algo-price-rise-above-0-10" class="wp-block-heading">Will ALGO Price Rise Above $0.10?</h2> 
For ALGO to reach $0.10, the bulls must break through the resistance trendline and keep the rally going. If they can do that, the price could keep rising beyond $0.1089 and end 2023 on a high note. 
Conversely, if the ALGO price is rejected at the resistance trendline, it could trigger a new downtrend. Traders can expect the ALGO price to find a new bottom at $0.081.

ALGO Price Analysis: Will Algorand Rally Escape The Triangle?

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