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Renowned cryptocurrency trader and analyst, Michael van de Poppe, revealed on X yesterday that he is still bullish on Algorand (ALGO). According to the analyst, ALGO might still have to test the lows around $0.09 before the token’s price can start looking to make a move up.
Van de Poppe also predicted that flipping resistance levels will be key for ALGO to start activating a bullish trend. In particular, the analyst pointed out that ALGO will have to overcome the $0.105 resistance and flip it into a support before a bullish move can happen.
Request 02 – $ALGO
— Michaël van de Poppe (@CryptoMichNL) September 28, 2023
Still unchanged.
Through that I'm assuming we'll need to start flipping levels to activate a bullish trend.
In the current price action, I'd be expecting a renewed test of the lows before we reclaim $0.105.
Reclaim $0.105 = bullish activation. pic.twitter.com/8ZNycHOMMO
If ALGO is able to close a daily candle above $0.1050, then it may have a clear path to rise to the subsequent threshold at $0.1195. Conversely, if the altcoin’s price is rejected by the $0.1050 mark, then it may pull back to the immediate support level at $0.0935. Thereafter, continued sell pressure could drag ALGO down to as low as $0.0872 in the following days.
Investors and traders will want to note that a significant bullish technical flag was recently triggered on ALGO’s daily chart. Throughout the past 48 hours, the daily RSI line crossed above the daily RSI SMA line. This specific technical flag suggests that buyers have gained strength on ALGO’s charts. Subsequently, ALGO may flip the $0.105 resistance level soon.
Meanwhile, CoinMarketCap indicated that, at press time, ALGO was trading hands at $0.1 after its price was able to increase by more than 4% over the past day of trading. Notably, this was a new 24 hour peak price for the altcoin. Moreover, the token’s positive performance also allowed it to strengthen against Bitcoin (BTC) by about 4.21%.
The altcoin’s 24 hour success ended up flipping its weekly performance back into the green at +2.05% as well. However, ALGO’s 24 hour trading volume experienced a 2.63% decline since yesterday, which caused it to settle at around $22,642,198.
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