ALGO Price Analysis: Here’s How ALGO Price Can Pump 15% From The $0.091 Bullish Stand!

The post ALGO Price Analysis: Here’s How ALGO Price Can Pump 15% From The $0.091 Bullish Stand! appeared first on Coinpedia Fintech News

Being one of the most bearish tokens of 2023, the ALGO price trend continues to breach multiple demand belts. The multiple lower highs lead to a prominent resistance trendline in the 1-day chart. 

The ALGO coin price is trading close to its all-time low of $0.08846 with a 97% discount of its all-time high of $3.28. With such steep correction and losing most of its gains, will Algorand make a comeback?

Algorand carries the aura of a scholar’s blockchain as it was founded by an MIT professor, Silvio Micali. However, the cruel bear markets led ALGO prices to a new all-time low in 2023 with a downtrend of almost four years. 

In the 1-day chart, the ALGO price action displays the $0.091 support level becoming a new safe haven for bulls. Avoiding multiple breakdown attempts, buyers at $0.091 are preparing to challenge the resistance trendline for the second time.  

Moreover, the short-term price trend displays multiple Doji candles forming at the base, reflecting neutrality. Generally, a Doji candle at notable price levels reflects a reversal possibility, however, a loss of momentum in Algorand can lead to a growth in fear. This may lead to a breakdown. 

The ALGO price currently trades at $0.42 with minimal intraday growth, teasing a bounce back shortly. 

Coming to the technical indicators, the growing bullish divergences in momentum indicators reflect a comeback for Algorand. The daily RSI line maintains a positive trend during the consolidation, and the MACD lines rise with a positive crossover. 

Will ALGO Price Rise Above $0.10?

For the ALGO price to reach the $0.10 mark, the resistance trendline breakout is a must. Therefore, if the bulls extend the rally beyond the immediate resistance, Algorand’s uptrend might prolong beyond $0.1089 and end 2023 on a bullish note. 

On the flip side, a higher price rejection in ALGO prices from the resistance trendline can start a new breakdown rally. Traders can expect the ALGO prices to create a new bottom at $0.081.