Algorand

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/algorand-price-analysis-will-algo-price-break-out-soon/">Algorand Price Analysis: Will ALGO Price Break Out Soon?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Despite the instability in the crypto market, ALGO price has managed to secure a place in the top 10 performers of the week. The price has been trading in an ascending channel for over two weeks now. 
The price was seen trading in a consolidated range of $0.09242 to $0.09733 for a brief period of time. After failing multiple attempts to break the range, ALGO finally broke down, resulting in the price plummeting. Further, the bulls managed to overpower the bears and push the price up. 
Following multiple failed attempts to break out of the resistance level, Algorand Price finally broke the level. Moreover, Algorand is on the verge of experiencing a Golden Cross, which could ignite a bullish moment, resulting in the ALGO price testing its resistance level of $0.10505 soon. 
<figure class="wp-block-image"> 
 <img decoding="async" width="1433" height="817" src="https://image.coinpedia.org/wp-content/uploads/2023/09/22181623/image-73.png" alt="Algorand Price Analysis" class="wp-image-232083" srcset="https://image.coinpedia.org/wp-content/uploads/2023/09/22181623/image-73.png 1433w, https://image.coinpedia.org/wp-content/uploads/2023/09/22181623/image-73-300x171.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/09/22181623/image-73-1024x584.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/09/22181623/image-73-768x438.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/09/22181623/image-73-150x86.png 150w" sizes="(max-width: 1433px) 100vw, 1433px"> 
 <figcaption class="wp-element-caption">
 Tradingview 
 </figcaption> 
</figure> 
Further, the ALGO token has displayed a bullish engulfing candle in its charts, indicating the possibility of massive price action soon. 
The RSI levels have constantly traded above the mid-point for over a week, indicating strong buying and selling power for the coin. Further, the RSI displays an uptrend, indicating the price will increase in the coming days. 
On the other hand, the MACD displays constant flatlines in its charts, indicating weak price action. Moreover, a bullish convergence can be seen in the chart, indicating the possibility of massive price action soon. 
In conclusion, if the bulls continue to gain power and ALGO manages to break out of the resistance level of $0.10049, then the price will experience a bullish moment. Further, if the coin manages to hold the level, it will prepare to test the resistance level of $0.10505 this month. 
But if the bears regain power and a trend reversal occurs, the coin will form a double top, and the price will plunge and test its support level of $0.09733 by the weekend. Further, if the price fails to hold that level, it is bound to test its crucial support level of $0.09242 by the end of September.

Algorand Price Analysis: Will ALGO Price Break Out Soon?

CoinPedia News

Other articles published on Sep 22, 2023

Bitcoin Price Prediction as Trading Volume Surges Past $13 Billion as Interest in Crypto Comes Ba...

Fuji Finance is sunsetting operations due to dwindling funds

ConsenSys pivots to MetaMask Snaps, retires Truffle and Ganache

Influential People in Dogecoin History and Development

Google Cloud adds 11 chains to blockchain data offering

Bitcoin Veteran Foresees BTC Crashing to $1 If This Exchange Collapses

Join our free newsletter for daily crypto updates!