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">
</figure>
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!

目录

CoinPedia News

发布于 2023年10月30日的其他文章

Crypto thief steals $4.4M in a day as toll rises from LastPass breach

Senators Call for DOJ Investigation into Binance and Tether Amid Concerns Over Cryptocurrency's R...

Binance to list Celestia with unique risk mitigation measures

NU Stock Price: Bulls Making Breakout, Are Traders Ready to Surf?

Here’s what you need to know to prepare for crypto this week

Crypto Investment Inflows Hit 15-Month High on Bitcoin ETF Hopes

订阅我们免费的电子期刊，获取每日最新加密领域动态！