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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/algo-price-analysis-will-algorand-awaken-with-this-breakout/">ALGO Price Analysis: Will Algorand Awaken With This Breakout?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
ALGO price is still in a deep correction, and the bears are in control. The price is down 98% from its all-time high of 3.77, and it’s struggling to find a bottom. If the downtrend continues, it could soon trade below its listing price. 
Check out our <a href="https://coinpedia.org/price-prediction/algorand-algo-price-prediction/" rel="noopener noreferrer nofollow">ALGO price prediction for 2023-2030 </a>now to see what the future holds for Algorand! 
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 <img decoding="async" width="1024" height="463" src="https://image.coinpedia.org/wp-content/uploads/2023/09/20123828/ALGOUSD_2023-09-20_11-48-18-1024x463.png" alt="" class="wp-image-230971" srcset="https://image.coinpedia.org/wp-content/uploads/2023/09/20123828/ALGOUSD_2023-09-20_11-48-18-1024x463.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/09/20123828/ALGOUSD_2023-09-20_11-48-18-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/09/20123828/ALGOUSD_2023-09-20_11-48-18-768x347.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/09/20123828/ALGOUSD_2023-09-20_11-48-18-1536x694.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/09/20123828/ALGOUSD_2023-09-20_11-48-18-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/09/20123828/ALGOUSD_2023-09-20_11-48-18.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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The ALGO price trend forms a descending triangle pattern with a strong resistance trendline in place. The baseline is close to $0.090, and the bounce back triggers a positive cycle in the triangle. 
Currently, the upcycle breaks the resistance trendline but faces opposition from the 50-day EMA. This results in an intraday fall of 1.55% as ALGO price trades at $0.0955.&nbsp; 
Following the 6.11% jump in Algorand coin price, the breakout rally may struggle to sustain and surpass the 50-day EMA. Moreover, the ALGO price maintains a sideways trend that questions the bullish credibility.&nbsp; 
Technical indicators: 
RSI indicator: The RSI line is moving sideways along the halfway line, which resonates with the losing bullish momentum. 
MACD indicator: With the MACD and signal lines back in sync, the indicator is once again pointing to a bullish market.&nbsp; 
<h2 class="wp-block-heading" id="h-will-algo-price-rise-above-0-10">Will ALGO Price Rise Above $0.10?</h2> 
If ALGO wants to hit $0.10, the bulls gotta keep the trend above the broken resistance trendline and keep the rally going. If they can do that, the price could keep rising past $0.1089 and end 2023 on a high note. 
On the other hand, if the ALGO price doesn’t break through the resistance trendline, it could start a new downtrend. Traders can expect the price to find a new low of $0.081.

ALGO Price Analysis: Will Algorand Awaken With This Breakout?

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