Algorand

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/algorand-price-analysis-trapped-in-a-wedge-is-algo-price-going-under-0-10/">Algorand Price Analysis: Trapped In A Wedge, Is ALGO Price Going under $0.10?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Falling in a non-stop downtrend, the ALGO coin price has reached as low as 45% in the last four months. The downtrend forms a long-term resistance trendline in the daily chart. Additionally, the price action forms of falling wedge pattern in the daily chart.&nbsp; 
The ALGO coin price trades close to the resistance trendline struggling for a bullish breakout. However, the recent downfall of 1.37% in the last 24 hours forms a bearish candle as it reverses within the falling wedge.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh5.googleusercontent.com/uxaarwmMjOs3HryyKkbyU76gkJA8nyTUK3j-EyTE373Z2Csx8A6iuKhVjqT0nmPHEOGvhMQ4R7CapglcaKuNdN9-DFNUzSCb-8ZUZZEO0a4C3frqCa0o3R5uwxiKzdXRkNe2KeupbCH1AcjC9JWov2I" alt=""> 
</figure> 
The spike in trading volume supporting the sudden fall in ALGO price highlights the entry of enormous supply pressure. However, the daily candle shows lower price rejection and struggles to sustain above $0.1084. 
Considering the prices close below $0.1084, the XLM trend is expected to test the support trendline of the falling wedge. Moreover, the downtrend can challenge the bullish dominance at $0.10. 
The sideways trend in the Stochastic indicator, below the oversold boundary, indicates a bearish rally. Moreover, the RSI line falls below the halfway line. The VI lines in the DMI indicator give a bearish crossover with an uptick in the ADX line. Therefore, the indicators maintain a bearish viewpoint for Algorand prices.&nbsp; 
In case the XLM prices fall below the $0.10 mark, the downtrend can form a new low at $0.055, accounting for a 45% drop.&nbsp; 
On the flip side, the lower price rejection driving ALGO prices above the resistance trendline can start a new breakout rally. Traders can expect the unleashed momentum to push the XLM prices as high as $0.15.

Algorand Price Analysis: Trapped In A Wedge, Is ALGO Price Going under $0.10?

CoinPedia News

Otros artículos publicados el 2 ago 2023

Uniswap Delisted This Altcoin Sued By The SEC!

Roku Stock Price Prediction: Can $100 Mark Halt ROKU’s Momentum?

BRC Inc (NYSE: BRCC): BRCC Stock Price To Rebound From Lowest?

HODL LAW’s Legal Battle Over Ethereum’s Status Hits Procedural Roadblock

Disinformasi Pemilu Akibat Kecerdasan Buatan (AI)

Bitcoin (BTC) is Inching Closer to $30K, What’s Next?

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!