- Algorand coin has given breakout from the symmetrical triangle pattern while jumping above the all vital moving average lines.
- Currently, the crypto asset is trading above the all vital moving averages of 20, 50, 100, and 200-day lines, while volume activity still needs to improve enormously.
- The pair of ALGO/BTC is trading at 0.00003022 BTC with an intraday gain of +8.21%, and the ratio of ALGO/ETH is CMP at0.0004641 ETH with a 24-hour change of +8.16%.
Algorand coin over is attempting to break from the symmetrical triangle pattern while also placing above its vital moving averages. Volume activity over the monthly chart is still lower and needs to improve for a sustainable breakout. Meanwhile, the coin also jumped above its all vital moving averages of 20, 50, 100, and 200-day but needs more volume activity. We can expect more upside in the upcoming trading sessions once the token starts to sustain above the SMA lines.
The coin has already given a breakout of the rejection line, acting as a resistance line. Meanwhile, the baseline of the triangle is acting as a support line in the upcoming trying session. Support on the lower side is $1.68 and $1.52, whereas resistance on the higher side is $2.10 and $2.29.
Algorand coin at the weekly time frame is trying to move towards the higher levels
Algorand coin at the weekly time frame is trying to move towards the higher levels, with trying to make higher highs and lows. Meanwhile, the technical parameters are heading towards the higher levels and also suggesting caution for longs. Volume activity is average and needs to grow strongly for the next lap of bullish momentum. ALGO price is trading at $1.91 with an intraday gain of +3.84%, and the volume to market cap ratio is 0.04716.
Relative Strength Index (CAUTION): Algorand coin RSI is trading near the overbought zone after a sharp recovery from the lower levels. In contrast, the coin trades higher and projects slight caution with longs and RSI at 66.
Moving Average Convergence Divergence (BULLISH): The daily chart projects a bullish trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) is overpowering the seller’s line (red) with a positive crossover.
Support levels: $1.68 and $1.52,
Resistance levels: $2.10 and $2.29.