Algorand (ALGO) Scrambles For Support After Breakdown From 791-Day Support Line

Algorand (ALGO) Scrambles For Support After Breakdown From 791-Day Support Line
фото показано с : beincrypto.com

2022-6-17 05:45

Algorand (ALGO) made a failed attempt at initiating a bullish trend reversal on June 15 and created a long upper wick.

Algorand has been falling since reaching an all-time high price of $2.99 on Nov. 18, 2021. The downward move has so far led to a low of $0.27 on June 15, 2022. This amounted to a decrease of 89% measuring from the all-time high. 

More importantly, the price broke down from the $0.70 horizontal area at the beginning of April. It then validated the area as resistance (red icon) and broke down from a long-term ascending support line by the end of the month. Prior to the breakdown, the line had been in place for 791 days. 

If the downward movement continues, the closest support area would be found at $0.20.

ALGO/USDT Chart By TradingView ALGO decreases gradually

ALGO enthusiast @Crypt0forchange tweeted an ALGO chart, stating that despite the slight bounce, the daily candlestick is shaping up to be bearish.

Source: Twitter

In the daily time frame, the price has been decreasing gradually since May 12. It’s possible that the decrease has been contained inside a descending parallel channel. 

While ALGO attempted to initiate an upward movement on June 15, but was rejected by both the resistance line of the channel (red icon) and the $0.36 horizontal area, creating a long upper wick in the process. This is a bearish sign, since the $0.36 area is now expected to act as resistance. 

Furthermore, the RSI is below 50 and has not generated any sort of bullish divergence.

So, it’s possible that the price will continue falling towards the previously outlined $0.20 horizontal area. 

A breakdown from the current descending parallel channel would confirm this possibility.

ALGO/USDT Chart By TradingView

For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here

The post Algorand (ALGO) Scrambles For Support After Breakdown From 791-Day Support Line appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Lendroid Support Token (LST) на Currencies.ru

$ 0.00049 (+0.76%)
Объем 24H $0
Изменеия 24h: 5.17 %, 7d: -58.34 %
Cегодня L: $0.00049 - H: $0.00049
Капитализация $0 Rank 3554
Доступно / Всего 0 LST

support algorand algo 791-day line breakdown scrambles

Источник: beincrypto.com

support algorand → Результатов: 60


Ledger Adds Algorand Support in Ledger Live, Launches Self-Custody Staking for ALGO

Enabling users to manage ALGO and Algorand Standard Assets (ASA) directly through the Ledger Live software app Ledger, the global leader in security and infrastructure solutions for critical digital assets and blockchain applications, announced today support for Algorand (ALGO) and Algorand Standard Assets (ASA) in its software application, Ledger Live, bringing the total amount of […]

2020-9-15 17:30


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


дальше еще 11 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

ALGO Bounces At Long-Term Support, Despite Drop

Despite the failure to confirm the bullish trend, ALGO will likely move upwards towards the closest resistance area. ALGO’s Long-Term Levels ALGO has been decreasing since Feb. 12, when it reached a high of $1.