Massive breakout in ALGORAND after weeks of consolidation

Mudrex Updated   
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Quick glance: As of today, ALGO made a 17.70% jump and broke out after eight weeks of consolidation. ALGO saw a massive buying pressure and broke the $1 barrier.

Market in the last 24hrs

The last 24 hours were a directional trending day as Algorand moved linearly higher throughout the session.

Today’s Trend analysis

ALGO gave a massive breakout as it moved above the $1 mark. Massive accumulation drove prices higher. Now, coming to the important price levels, $1.09 is a local resistance level as it marks the top of the inverse head & shoulders pattern. ALGO would definitely face some pressure around this level. In case we see Algorand being shaky, we can certainly expect it to drop lower.

The second scenario is Algorand breaking the resistance level. In that case $1.15 was the monthly high. As trading psychology dictates, this level would act as another massive resistance level. Setting up a buying strategy in case ALGO breaks above the $1.09 level, the take profit target could be set at $1.15.

Price at the time of publishing: $1.0440
MATIC's market cap: $3.43 Billion

  • Out of 11 Oscillator indicators, 9 are neutral, none are bearish and 2 are bullish.

  • Out of 15 Moving average indicators, 1 is 'NEUTRAL', none are bearish and 14 are bullish.

  • Indicator summary is giving a ‘STRONG BUY’ signal on ALGOUSD .

Volumes have massively shot up over the past 24 hours.

The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 24-hour candles.

Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .

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Trade closed: target reached:


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