Algorand

Reversal

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/algo-price-analysis-trend-reversal-hints-at-an-algorand-rally/">ALGO Price Analysis: Trend Reversal Hints At An Algorand Rally!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Despite taking a rocky road in 2023, the ALGO price displays a pivotal moment of reversal that might revive the altcoin. Taking a bullish reversal from $0.088, the Algorand prices reclaim the psychological mark of $0.10 and tease a longer uptrend.&nbsp;
Moreover, the recent reversal ends the short-term steak of lower high formations and reflects a fresh increase in bullish momentum. Therefore, with such increasing demand, the <a href="https://coinpedia.org/price-prediction/algorand-algo-price-prediction/" rel="noopener noreferrer nofollow">ALGO price prediction</a> teases a jump to $0.1327.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="481" src="https://image.coinpedia.org/wp-content/uploads/2023/10/30120137/ALGOUSD_2023-10-30_10-59-34-1024x481.png" alt="" class="wp-image-240504" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/30120137/ALGOUSD_2023-10-30_10-59-34-1024x481.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/30120137/ALGOUSD_2023-10-30_10-59-34-300x141.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/30120137/ALGOUSD_2023-10-30_10-59-34-768x361.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/30120137/ALGOUSD_2023-10-30_10-59-34-1536x722.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/30120137/ALGOUSD_2023-10-30_10-59-34-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/30120137/ALGOUSD_2023-10-30_10-59-34.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
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Prior to the recovery, the ALGO price displayed a lower high formation under the influence of the 50-day EMA, reflecting strong supply pressure. However, the strong support at the $0.088 mark helps the buyers find solid footing, leading to a reversal rally.&nbsp;
The high speed recovery rally aligns with the Uptober rally in the overall market, leading to the 50-day EMA breakout. Moreover, the Algorand prices also surpass an overhead declining trendline to reclaim the $0.10 mark.&nbsp;
Currently, the bullish reversal helps the ALGO price trade at $0.1063 with the recent overnight jump of 4.72%, forming a green engulfing candle. Moreover, the Algorand price action displays a rounding bottom reversal with a neckline at $0.1085.&nbsp;
Technical indicators:
MACD indicator: The MACD and signal lines continue to ride upwards with a similar trend in the bullish histograms. Therefore, the momentum indicator showcases a bullish trend in action.
EMA: The bullish breakout of the 50-day EMA results in a slow but positive turnaround in the average line. Therefore, as the uptrend approaches the 200-day EMA, the golden crossover possibility increases.&nbsp;
<h2 class="wp-block-heading" id="h-will-algo-price-give-a-new-breakout-rally">Will ALGO Price Give A New Breakout Rally?</h2>
Sustaining above the $0.088 mark reflects a short underlying demand for ALGO price as the market bounces back. Therefore, the possibility of an uptrend in the altcoin arises and may soon reclaim higher levels.&nbsp;
The ongoing rounding bottom pattern can be pivotal in Algorand’s trend reversal with the $0.1085 breakout. If the ALGO price regains its breakout momentum, it can reach the 200-day EMA at $0.1327. On the flip side, a reversal from $0.1085 can retest the 50-day EMA at $0.0987.

ALGO Price Analysis: Trend Reversal Hints At An Algorand Rally!

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