Algorand (ALGO) technical analysis:
Trade setup: Price broke above above 200-day moving average, which confirmed a bullish trend reversal to an Uptrend. So far it has been rejected at $0.15 resistance. We wait for price to either
1) break above $0.15 to signal continuation of uptrend with upside potential to $0.18 near-term, or
2) pull back near $0.12 support (200-day MA) for a swing entry in Uptrend with upside potential back to $0.14.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $0.11 (previous resistance), then $0.09. The nearest Resistance Zone is $0.15, then $0.18.
Trade setup: Price broke above above 200-day moving average, which confirmed a bullish trend reversal to an Uptrend. So far it has been rejected at $0.15 resistance. We wait for price to either
1) break above $0.15 to signal continuation of uptrend with upside potential to $0.18 near-term, or
2) pull back near $0.12 support (200-day MA) for a swing entry in Uptrend with upside potential back to $0.14.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $0.11 (previous resistance), then $0.09. The nearest Resistance Zone is $0.15, then $0.18.