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Strong market trend o ALGO/USD broke the upper trend line and produced a resistance level of $0.3600. This market has gone the way we read earlier. We see a falling wedge triangle candlestick pattern on the chart. That means a bullish reversal is imminent. The market is now in a bullish trend and although the selling pressure is very scary, the bullish pressure is stronger than the selling pressure.
Algorand Market Price Statistics:
- ALGO/USD price now: S0.3526
- ALGO/USD market cap: $2,449,484,273
- ALGO/USD circulating supply: 6,931,210,232
- ALGO/USD Total Supply: 10,000,000,000
- ALGO / USD Coin Market Rank: #29
Key steps
- Resistance: $0.3600, $0.3750, $0.40000
- Support: $0.3171, $0.30000, $0.2741
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Algorithm Market Value Analysis: Indicators View
After finding the new slightly higher support levels at 0.2922 on September 19, the market began to rally to higher price levels on a daily basis. It continued to climb for four consecutive days. However, on busy market days, we may feel strong pressure from the sellers. Such examples can be seen yesterday and September 20. A long wick below and above that testifies to the seriousness of the sellers.
The histogram of the MACD indicator is green and shows a strong buy as the performance is increasing. The two indicator lines of the MACD have now crossed above the zero point. This is the second test to confirm the bullish trend when the market is crossing below the equilibrium point (which is the strike zone). The behavior of the histogram gives the impression that this bullish movement will continue.
Algorand: ALGO/USD 4-hour chart view
Since the beginning of the trading session, the market has gone in favor of the bulls, although sellers are exerting pressure to influence the direction of the market. But from the RSI view, the RSI line is slowing down and the line is now around 68%. This is a response to bear resistance.
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