ALGORAND PRICE SETS FOR A RALLY FOLLOWING DESCENDING TRENDLINE BREAKOUT
- Algorand price breaks above the descending trendline, suggesting a bullish move ahead.
- Side-lined buyers can accumulate ALGO around the $0.1382 level.
- A daily candlestick close below $0.1234 would invalidate the bullish thesis.
Algorand (ALGO) price broke above the descending trendline on Saturday and surged 9.85% in the subsequent two days. Sideline buyers may consider accumulating ALGO around the $0.1382 level before potential further rallies in the coming days.
Algorand price shows potential for a rally
Algorand broke above its descending trendline on Saturday, triggering a 9.85% rally over the following two days. As of Tuesday, it is trading 1% higher at $0.1593. Following this significant move, ALGO bulls may pause, potentially prompting a retracement that could present a favorable buying opportunity for sidelined investors. Those seeking entry points could consider purchasing near the trendline support level of around $0.1382.
Assuming Algorand's price bounces off the $0.1382 level, it could rally 14% to retest its weekly resistance of $0.1588.
Edited 18 Jul 2024, 20:05
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