ALGO’s Bounce Could Be the Beginning of an Upward Trend

2020-10-14 20:55

The Algorand (ALGO) price has given several bullish reversal signs after bouncing at a significant support level. The price may have begun a new bullish impulse.

Bounce From Support

ALGO reached a high of $0.76 on Aug. 14 and has been declining since. The fall continued until Sept 23, when the price reached a low of $0.261. The price has been rising since.

The previous low caused a deviation below the $2.70 support area, but the price reclaimed it shortly afterward, confirming it as support.

The closest resistance area is found at $0.42, most recently having rejected the price on Sept 10. If the price manages to break out above, the next resistance area would be between $0.51 – $0.57, the 0.5 – 0.618 Fib levels of the entire downward move.

ALGO Chart By TradingView

Technical indicators on the daily time-frame are bullish:

The MACD has just crossed into positive territory. The previous two times this occurred (shown with blue arrows), significant price increases followed. The RSI has just crossed above 50. The Stochastic Oscillator has just made a bullish cross and is moving upwards.

Therefore, the price should reach the $0.42 area and possibly break out.

ALGO Chart By TradingView Wave Count

Cryptocurrency trader @TheEWguy outlined an ALGO chart, in which the price increases all the way to $0.46.

Source: Twitter

The most likely wave count seems to be that the price has completed waves 1 – 4 of a five-wave bullish impulse (shown in black below).

The fact that the bottom of wave 4 barely missed the top of wave 1 makes the formation even more likely. If correct, the first target for the top of wave 5 would be at $1.16, the 1.61 Fib level of waves 1 – 3.

ALGO Chart By TradingView

In BeInCrypto’s Sept 12 analysis, it was stated that:

“Based on the length of the A wave, a possible low could be reached at $0.256, in which case the C and A waves would have a ratio of 1.61:1.”

On Sept 23, the price reached a low of $0.261, validating the prediction and the ratio between waves A:C.

If correct, the price has begun a new bullish impulse (shown in red below) and is currently in wave 3, which could end between $0.51 and $0.55.

A fall below the wave 2 low at $0.2767 would invalidate this particular wave count.

ALGO Chart By TradingView

To conclude, the ALGO price should continue rallying towards the resistance areas outlined above and possibly target $1.16.

For BeInCrypto’s Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post ALGO’s Bounce Could Be the Beginning of an Upward Trend 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 support price bullish bounce level may

algo support → Результатов: 14


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


Binance добавила возможность стейкинга Algorand и анонсировала эирдроп на $130 тысяч

Криптовалютная биржа Binance добавила возможность стейкинга Algorand и анонсировала эирдроп 220 тысяч токенов ALGO, стоимостью почти $130 000 (по текущему курсу монеты). #Binance Will Support @Algorand ( $ALGO) Staking & Launch a 220,000 ALGO Initial Staking Reward Airdrop Users holding ALGO on Binance may expect to receive a 1st staking reward bonus from an additional […]

2019-7-28 18:30


BitMax.io (BTMX.com) Announces Listing of Algo (ALGO)

BitMax. io (BTMX. com) has announced the listing of Algo (ALGO), the native token of the Algorand blockchain network. The Algorand Foundation is committed to building a trusted, public, and permissionless infrastructure for the borderless economy with a pure proof-of-stake blockchain; the BitMax team is thrilled to provide strategic support to the Algorand team in their pursuit of this ambitious and innovative vision.

2019-6-19 20:49