Algorand crypto is aiming to bounce from the resistance level. Price is in a downtrend. So far, the $0.123 support level has held 3x.
However, it’s trading in a Falling Wedge pattern, which typically resolves in a bullish breakout and a trend reversal. We wait for such a breakout, ideally above $0.15 resistance
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ALGORAND Price Analysis
- Price: $0.189
- Market Cap: $1.1 billion
- 24-Hour Trading Volume: $47.1 million
- Circulating Supply: 7.3 billion ALGO
- Total Supply: 10 billion ALGO
Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher.
Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Weekly Price Analysis
- Price Change (24h): -4.5%
- Price Change (7d): -3.7%
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
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Support and Resistance: Nearest Support Zone is $0.123, then $0.11. Nearest Resistance Zone is $0.165, then $0.30.
All Time High
News Roundup
- Dynamic Lambda Upgrade: Algorand recently implemented the Dynamic Lambda protocol upgrade, reducing block creation times by approximately 20%. The average block time is now below three seconds.
- Partnerships and Integrations: Algorand continues to attract attention with partnerships, including those with the global soccer body FIFA and Italy-based digital banking platforms.
- Network Improvements: The Algorand Foundation has announced plans to support the Python programming language, upgrade its consensus mechanism, and shift to a peer-to-peer gossip network.
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