A bullish reversal of the Megaphone pattern’s support trendsline could offer a recovery opportunity to Algorand coin prices. A bull cycle within this pattern would push the price to $0.45 overhead resistance. This is the bullish scenario. The buyers are only one step away from achieving this target.
CoinGape’s first article, Here’s Why Algorand (ALGO) Price May Outperform bitcoin in Near-Term Growth, appeared first on CoinGape.
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Brian Bollinger The Megaphone pattern’s support trendline supports a bullish reversal that could lead to a recovery for Algorand coin prices. A bull cycle within this pattern would push the price to $0.45 overhead resistance. This is the bullish scenario. The bullish breakout of $0.29 is the only step the buyers have to reach this target. AdvertisementKey points: A bullish breakout starting at $0.29 sets ALGO to 14.3% growth
The downsloping EMAs (20, 50, 100, 200, and 200) suggest that a rally could face multiple resistance
The Algorang coin’s 24-hour trading volume is $400 Million. This indicates a 118% gain.
Source-TradingviewThe Algorand coin price has remained sideways for the past five months, following a megaphone pattern. Despite many macroeconomic events such as the US Fed’s increasing interest rates, Russia’s war with Ukraine, and most recently the FTX crypto exchange collapse, the ALGO price has remained sideways for the past five months. This is due to traders strictly following this trading setup. This bullish reversal broke the $0.29 local resistance, providing additional support for price recovery. Trending StoriesThe price is showing a 2% intraday drop and retests its breached resistance. If the buyers sustain above the $0.29 mark, the potential rally should drive the altcoin 14.3% higher to reach the $0.33, followed by the $0.37 barrier.Having said that, the Algorand price will escape the ongoing sideways trend once it breaks either trendline of the megaphone pattern.Technical indicators:RSI- A potential crossover of the daily-RSI slope above the neutral line(50%) will indicate favorable market sentiment to follow the aforementioned bullish thesis.advertisementEMAs- the 20-day EMA is pressuring the ALGO price to plunge back to bottom support. The 20-day EMA is causing the ALGO price to drop back to its bottom support.
Resistance levels: $0.33 and 0.37
Support levels: $0.29 – $0.255
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