- Algorand price shown a V-shape recovery and continued the upward momentum
- ALGO crypto price sustained above the 50 day EMA and formed a bullish hammer candle on the weekly time frame
- ALGO technical indicators are turning bullish and the volume bars supports the price pattern
Algorand crypto prices are trading with the bullish cues and bulls have succeeded to bounce back from the 50 day EMA support which shows the short term trend is reversed in the favor of buyers. Currently, The pair of ALGO / USDT កំពុងជួញដូរនៅ $0.2504 ជាមួយនឹងការកើនឡើងក្នុងមួយថ្ងៃ 2.69% និងបរិមាណ 24 ម៉ោងចំពោះសមាមាត្រតម្លៃទីផ្សារនៅ 0.0704
ALGO price returning back to the bullish track ?
នៅលើស៊ុមពេលវេលាប្រចាំថ្ងៃ, Algorand ។ price had shown a V- shape recovery and continuing the upward momentum by forming a bullish engulfing pattern. From the past couple of weeks, ALGO prices are on a continuous rise and succeeded in reclaiming the 50 day EMA which indicates the confidence of bulls. However, the price is racing towards the supply zone and might face resistance on higher levels.
Algorand bear’s have tried to drag the prices below the 50 day EMA but bulls seem to be very aggressive and bounced back with the positive momentum. The 200 day EMA (green) sloping down indicates the positional trend is still in the bear’s grip and it will be difficult for bulls to break out of the supply zone at $0.2747. However if market sentiment remains positive then probability of the upside breakout will increase in the favor of bulls.
The technical indicators are turning bullish and RSI curve (80) has reached an overbought zone which may create trouble for bulls in coming days. According to price action if any minor sell off triggers from the supply zone then $1.604 will act as support levels for bulls. The MACD has generated a positive crossover and the curve is rising upwards indicates the strength of the bulls. Therefore it’s better to look for buying opportunities by keeping a strict SL.
សេចក្តីសង្ខេប
ALGO prices seem to be in recovery mode and bulls are trying to keep the prices above the 50 day EMA which shows the confidence of buyers at lower levels. The technical analysis suggests that if market sentiment remains positive then bulls will easily break out of the supply zone and continue the upward momentum. Therefore, it better to look for buying on dips opportunities for the target of $0.3500 and above buy keeping $$0.1604 as SL
កំរិតបច្ចេកទេស
កម្រិត Resistance៖ $0.2747 និង $0.4001
កម្រិតគាំទ្រ៖ 0.2000 ដុល្លារ និង 0.1604 ដុល្លារ
ការមិនទទួលខុសត្រូវ
ទស្សនៈ និងគំនិតដែលសរសេរដោយអ្នកនិពន្ធ ឬមនុស្សណាម្នាក់ដែលមានឈ្មោះក្នុងអត្ថបទនេះគឺសម្រាប់គោលបំណងផ្តល់ព័ត៌មានតែប៉ុណ្ណោះ ហើយពួកគេមិនបង្កើតហិរញ្ញវត្ថុ ការវិនិយោគ ឬដំបូន្មានផ្សេងទៀតទេ។ ការវិនិយោគលើ ឬជួញដូរទ្រព្យសកម្មគ្រីបតូមកជាមួយហានិភ័យនៃការបាត់បង់ហិរញ្ញវត្ថុ។
Source: https://www.thecoinrepublic.com/2023/01/23/algorand-algo-price-prediction-algo-price-jumped-from-the-50-day-ema-and-formed-a-engulfing-pattern/