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The markets are having a slight correction, but the trend is upwards. With #Altcoins, it’s very likely continuing to go upwards from here, I’m buying the dip. Expecting to reverse back upwards in the coming 1-2 weeks.
2:00 PM · Nov 15, 2024
While Bitcoin calms after Trump-driven rallies above $93,000, Algorand (ALGO) witnesses a bullish revival.
The altcoin remained elevated over the past few sessions, up 30% on its weekly chart.
Meanwhile, ALGO’s recovery prints a bullish engulfing candlestick, which completes a morning star setup.
The vital setup occurred new, with support at the 200-day Exponential Moving Average and the 23.6% FIB zone (at $0.1391 price level) confluence.
That signals robust underlying demand driving Algorand’s prevailing rallies.
ALGO bulls challenge $0.1630 resistance
Algorand’s recent upswing started with a morning star setup at around the $0.10 psychological mark.
That saw Algorand’s price soaring 45% within the past ten days.
The token gained nearly 10% in the past 24 hours to trade at $0.1575.
Meanwhile, ALGO faces a notable hurdle at the 38.2% FIB, coinciding with the $0.1630 price mark.
This region has been crucial previously. For instance, it triggered double-top reversals in July.
Nonetheless, the latest bullish engulfing candlestick has increased breakout chances.
Furthermore, the $175 million daily trading volume confirms increased trader interest in the alt, potentially welcoming stable price performance.
Technical indicators support ALGO’s upside momentum
Algorand remains poised for upward continuation in the near term.
The Relative Strength Index at 57.54 reveals more upside room for the altcoin before it hits the overbought territory – above 70.
Furthermore, the Chaikin Money Flow has climbed from -0.05 on November 3 to +0.36 today, confirming increased cash flowing into ALGO’s ecosystem.
Also, the 50- and 100-day Exponential Moving Averages are approaching a bullish crossover as bulls dominate.
ALGO’s price has jumped beyond the 200-day EMA, cementing the bullish narrative. Moreover, the Moving Average Convergence Divergence supports the bullish momentum with green histograms.
Algorand price performance
The altcoin changes hands at $0.1575 during this publication, exhibiting massive upward strength.
Source – Coinmarketcap
The current price action can propel ALGO beyond the resistance at $0.1630 – coinciding with the 38.2% FIB level.
That would open the gates toward the hurdle at the 61.8% FIB ($0.2106).
Continued upswings, supported by broad-based rallies, would propel ALGO to the psychological mark at $0.25, matching the 78.6% FIB retracement level.
That would translate to a 59% surge from Algorand’s current price.
However, a sudden selling pressure spike would see the token plunging toward the reliable support barrier at $0.1391, corresponding with the 78.6% FIB retracement.
Meanwhile, analysts expect more upside actions from the crypto sector in the coming weeks, supporting ALGO’s outlook.
Michael van de Poppe believes the prevailing slight retracement in the altcoin space presents a lucrative dip-buying opportunity before new all-time highs.
Broad market performance remains vital in shaping Algorand’s trajectory, considering the altcoin’s 0.88 correlation with Bitcoin.
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