ALGO prices showcase a bullish reversal within the falling parallel channel and approach the overhead trendline, teasing a breakout rally. Key technical points: The ALGO market price has appreciated 8.34% over the past 24 hours. The price action teases a breakout rally of the falling channel. The 24-hour trading volume of Algorand is $97.40 Million, indicating a hike of 20%. Past Performance of ALGO The ALGO prices trend within a falling channel pattern, accounting for a drop of 58% to a low of $0.30. However, buyers immediately overtook the trend control resulting in a price jump to $0.35, accounting for a 20% inflation last week. The bullish turnaround approaches the resistance trendline and increases the likelihood of a trendline breakout. Source- Tradingview ALGO Technical Analysis ALGO price action displays an upward trend anchored by the trendline that supports it, but the downward trend seen in intraday volume is a sign of possible a reverse of the trendline. Therefore, those hoping for a bull run should be patient for a breakout. The DMI indicator indicates a weak spot in the bearish trend that is currently in place because the distance between DI lines diminishes. Thus the trend reversal crossover could show a potential buying opportunity for safe traders. The RSI indicator shows an upward trend, which reverses from the oversold boundary and gradually advances towards the halfway point. The 14-day SMA displays a trend...
