Analytics

Algorand Price Analysis: ALGO price casts a 25% upswing owing to an upward breakout

  • ALGO kickstarted the month of June by rallying 25% as a consequence of an upward breakout from the symmetrical triangle pattern 
  • ALGO price jumped from a low of $0.94 to a high of $1.15 all within Thursday’s intraday session 
  • The ALGO/BTC pair is trading at 0.00002921 BTC with a gain of 15.18% at press time

ALGO from a weekly perspective: 

Amidst the recent pullback in the crypto space, ALGO, like many other altcoins is still discovering an overall closing support above the 50 EMA. With only three days left for the weekly candle to close, a decisive close above the 26 period EMA would be considered as an extremely bullish indication. 

The price action of ALGO is projecting higher highs thanks to recent news announcements. This will result in bulls eying a follow-through which will lead to growing momentum towards the upside. 

The weekly volume of (8.72 M) is way beneath the volume of (27.18 M) the 20 EMA. Last month’s bloodbath contributed to the massive decline in volume.  The fact that ALGO has discovered support at the bottom means that most of the selling pressure has subsided and the bulls have finally prevailed. 

The Stochastic RSI is at the cusp of transpiring a bullish crossover after November 2020. The success of the %K line to cross above the %D line will project a massive upswing that will breach the resistance trend line. 

Source: TradingView

ALGO Price Chart on the 4-hour time frame

Source: TradingView

The 4-hour chart of ALGO highlights the fact that ALGO has broken out towards the upside from the symmetrical triangle pattern. The bullish breakout bestowed ALGO with a 25% advance as mentioned in the title.

At the time of writing, the price of ALGO is $1.13 established on the back of a 17.69% increase in the past 24 hours. At the current price level, ALGO is hovering at the critical resistance level, from which it has faced a substantial number of times in the past. 

The relative strength index (bearish) has exploded into the overbought territory. Although the RSI is not projecting further divergence, an overbought RSI might contribute towards cutting the rally short. 

The upcoming sessions will result in ALGO witnessing a decent pullback before it embarks on another impulsive wave. 

Exodus Wallets will now use the Algorand blockchain as their native blockchain 

Exodus, a publicly traded company in the US, announced that its digital company common stock tokens will now use the ALGORAND blockchain as their native blockchain. EXIT tokens on Algorand will be claimable by Exodus shareholders inside the Exodus wallet. Exodus expects to list its shares on tZERO and expects that the EXIT tokens will be able to be used on tZERO to facilitate trading in Exodus’ Class A common stock.  

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SUPPORT : $1.03, $0.94

RESISTANCE : $1.14

   

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