Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Algorand fell beneath the lows of a range from May, but the bulls were quick to recover The next few days could be green for Algorand Bitcoin [BTC] was in a phase of lowered volatility […]
ALGO bulls were able to reverse a sharp drop beneath the lows of a six-month range. Furthermore, if they managed the flip the $0.3 area to a demand zone, another 8-10% move higher could commence.Source: ALGO/USDT on TradingView
A range that Algorand has traded within since May was marked in yellow on the price charts. The recent wave of selling pushed the prices The four-hour charts showed some degree of bullish confidence in recent days. The Chaikin Money Flow has been above the 0 mark, although it didn’t yet climb above +0.05 to show significant capital flow into the market.
The Accumulation/Distribution indicator did an about-turn in the past few days. All the selling volume since 7 October was counteracted by the recent wave of buying. Meanwhile, the Relative Strength Index also hauled itself back above the neutral 50 mark to show bullish momentum on the rise. The bulls have won this battle, and have repelled the bearish forces for the time being. They assaulted the bearish four-hour order block at $0.3, and a move above could see this zone flipped to a bullish breaker. Significant resistance levels lay at $0.33 and $0.35 as well.Social volume has been on the rise since early October. Correspondingly, the social dominance metric did not follow it higher.
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Algorand [ALGO]: Can holders really profit off the FIFA World CupEarlier this year, Algorand entered into a technical partnership with FIFA With outlook still significantly bearish in the short term, it remains to be seen whether the WC will offer respite With the 2022 FIFA World Cup set to commence on 20 November, Algorand [ALGO] holders appear keen to see whether the blockchain’s technical partnership […]
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