altFINS

Algorand

Momentum

Lunar

Coin

<p><strong><a href="https://captainaltcoin.com/algorand-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">ALGO coin</a>, the native token of the Algorand blockchain, has been trending on the popular crypto trading platform Lunar Crash over the past day. This increased interest comes alongside a modest price increase of around 3% that brought ALGO to just over $0.11. However, when analyzing the longer-term price chart, ALGO appears to be trading in a descending triangle pattern that typically resolves with a strong breakout.</strong></p> 
<p>The descending triangle pattern is created by a series of lower highs and a flat support trendline, which currently sits around $0.09 for ALGO. This is generally considered a bearish continuation pattern, as descending triangles usually break to the downside in the direction of the prior downtrend. ALGO has been in a downtrend for the past several weeks, so traders will be watching for a breakdown below support around $0.09 to indicate a likely continuation lower.</p> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2023/09/image-417-1024x573.png" alt="" class="wp-image-339987" srcset="https://captainaltcoin.com/wp-content/uploads/2023/09/image-417-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-417-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-417-768x430.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-417-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-417-2048x1147.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-417-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-417-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-417-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-417-788x441.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-417.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p> 
<p>The widest part of the triangle spans from around $0.14 down to the support around $0.09, so the expected target for a breakdown would be a move roughly equivalent to that distance, taking ALGO down towards $0.05. Traders typically enter short positions on a breakdown below support with increased volume.</p> 
<p>However, until a clear break of either support or resistance occurs, the next direction is unclear. Momentum indicators like the MACD and RSI show a mixed picture right now (MACD&nbsp;Line is above MACD Signal Line (Bullish) but RSI ~ 50&nbsp;), further confirming the indecision in the market. </p> 
<p>Key levels to watch will be the descending triangle support around $0.09 and resistance around $0.14. A break above resistance could signal a trend reversal, while a breakdown below support would point to lower prices ahead. Active traders will look to enter positions on whichever side the breakout occurs.</p> 
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style=""> 
 <div class="col_wrap_two mb0"> 
  <div class="offerbox_big_wrap flowhidden"> 
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a> 
   </div> 
   <div class="product-summary col_item mobileblockdisplay"> 
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"> <a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a> </h3> 
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"> <strong>74% of retail CFD accounts lose money.</strong> 
    </div> 
    <div class="buttons_col mb25 rh_big_btn_inline"> 
     <div class="priced_block clearfix"> 
      <div> <a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a> 
      </div> 
     </div> 
    </div> 
    <div class="bigofferdesc"> <i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. 
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc. 
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/algo-coin-descending-triangle-points-to-possible-breakdown-herere-key-levels-to-watch/">ALGO Coin Descending Triangle Points to Possible Breakdown – Here’re Key Levels to Watch</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

ALGO Coin Descending Triangle Points to Possible Breakdown – Here’re Key Levels to Watch

Table of Contents

CaptainAltcoin

Other articles published on Sep 21, 2023

Bit Trade, the Kraken subsidiary operating in Australia, sued by the ASIC

Australia sues Kraken provider over crypto margin trading

How to Get a Crypto Loan: A Simple Guide

OpenOcean launches and perfects DEX aggregation on opBNB

A Major Milestone for Crypto Payments: Alchemy Pay Wins First US Money Transmitter License in Ark...

PayPal Introduces PYUSD Stablecoin on Venmo

Join our free newsletter for daily crypto updates!