ALGO Increases By 85% in Two Days – Where to Next?

2020-8-15 19:15

The Algorand (ALGO) price has increased by 85% since August 12, when it broke out from a long-term resistance level.

Rapid Increase After Breakout

The ALGO price has been moving upwards since March 13. The increase was gradual until August 2, when the price reached a low of $0.259 and started to accelerate. It did so again on August 12, and the ALGO price has increased by 85% since then.

The price broke out above its March high on very high volume, increasing the legitimacy of the move.

Technical indicators show that the trend is still strong. While the RSI is overbought, it has not formed any type of bearish divergence yet. Similarly, the MACD is overextended, but has not shown a decrease in momentum yet.

ALGO Chart By TradingView Long-Term Movement

The weekly chart shows that the next resistance level is found at $0.85. Similar to the daily indicators, the weekly ones show that while the trend is overextended, there are no bearish divergences yet.

Considering that the current week has the highest volume since the beginning of 2019, the price is likely to continue moving higher before reaching the resistance level.

ALGO Chart By TradingView

Cryptocurrency trader @altcoinsherpa stated that the ALGO price is likely to continue increasing, giving a target of $0.85, which fits with our long-term resistance area.

$ALGO: Good with both pairs, I think the BTC pair will hit some resistance coming up soon. Planning on still trading this one daily. #ALGO #ALGORAND

Source: Twitter ALGO Wave Count

Since the previous August 2 low, it’s possible that ALGO has begun a five-wave impulsive formation, currently having just completed wave 3. The bearish divergence on the RSI and decreasing volume are signs that wave 3 is near a top or has already reached one.

Since the wave 2 correction was deep (reached the 0.618 Fib level), it would make sense for the wave 4 one to be shallower, ending between the 0.382 – 0.5 Fib levels of the entire wave, found at $0.575 – $0.617.

This level would also be near the resistance line of the parallel channel found when connecting the lows of waves 1 and 2 and projecting it to the top of wave 1.

ALGO Chart By TradingView

To conclude, the ALGO price is likely in a long-term upward trend. The trend should resume after a possible short-term correction.

The post ALGO Increases By 85% in Two Days – Where to Next? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Algo.Land (PLM) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 PLM

algo price rapid level resistance long-term march

Источник: beincrypto.com

algo price → Результатов: 17


Фото:

2 Altcoins That Could Soon Break Out

ALGO has reclaimed a long-term support level and created a bullish reversal pattern. RSR is attempting to break out above a very important resistance level but has yet to do so. Algorand (ALGO) The possibility of the ALGO price moving upwards was shown by @damskotrades, and it shows that the price has just reclaimed the […] The post 2 Altcoins That Could Soon Break Out appeared first on BeInCrypto.

2020-5-27 17:50


Algorand’s ALGO token listing on Coinbase Pro, price jumps 11.85%

The Coinbase Pro announcement of Algorand’s ALGO listing pushed the price up from $0. 727 to $0. 814 within 40 minutes, an 11. 85 percent increase—and wicking the price as high as $0. 841. Algorand—a Boston-based blockchain company created to improve blockchain decentralization, scalability, and security—made the news last month after it completed a $60 million token sale.

2019-8-10 03:55


Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru