Algorand (ALGO) technical analysis:
Trade setup: After getting rejected at $0.15 resistance a few times in November, price has finally broken above it to signal continuation of uptrend with upside potential to $0.24. However, price is now very overbought (RSI ~ 80!), hence, near-term, we’re likely to see it pause here on some profit taking.
Pullbacks to $0.18 area could be swing trade entry opportunities. Previously, price broke above above 200-day moving average, which confirmed a bullish trend reversal to an Uptrend.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but extremely overbought. (MACD Line is above MACD Signal Line). RSI is bullish (> 55) but extremely overbought (> 80) which could imply that price could briefly pause or pull back if it reaches Resistance.
Support and Resistance: Nearest Support Zone is $0.15 (previous resistance), then $0.11. The nearest Resistance Zone is $0.18, which it broke, then $0.24.
Trade setup: After getting rejected at $0.15 resistance a few times in November, price has finally broken above it to signal continuation of uptrend with upside potential to $0.24. However, price is now very overbought (RSI ~ 80!), hence, near-term, we’re likely to see it pause here on some profit taking.
Pullbacks to $0.18 area could be swing trade entry opportunities. Previously, price broke above above 200-day moving average, which confirmed a bullish trend reversal to an Uptrend.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but extremely overbought. (MACD Line is above MACD Signal Line). RSI is bullish (> 55) but extremely overbought (> 80) which could imply that price could briefly pause or pull back if it reaches Resistance.
Support and Resistance: Nearest Support Zone is $0.15 (previous resistance), then $0.11. The nearest Resistance Zone is $0.18, which it broke, then $0.24.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.