Falling in a non-stop downtrend, the ALGO coin price has reached as low as 45% in the last four months. The downtrend forms a long-term resistance trendline in the daily chart. Additionally, the price action forms of falling wedge pattern in the daily chart.
The ALGO coin price trades close to the resistance trendline struggling for a bullish breakout. However, the recent downfall of 1.37% in the last 24 hours forms a bearish candle as it reverses within the falling wedge.
The spike in trading volume supporting the sudden fall in ALGO price highlights the entry of enormous supply pressure. However, the daily candle shows lower price rejection and struggles to sustain above $0.1084.
Considering the prices close below $0.1084, the XLM trend is expected to test the support trendline of the falling wedge. Moreover, the downtrend can challenge the bullish dominance at $0.10.
The sideways trend in the Stochastic indicator, below the oversold boundary, indicates a bearish rally. Moreover, the RSI line falls below the halfway line. The VI lines in the DMI indicator give a bearish crossover with an uptick in the ADX line. Therefore, the indicators maintain a bearish viewpoint for Algorand prices.
In case the XLM prices fall below the $0.10 mark, the downtrend can form a new low at $0.055, accounting for a 45% drop.
On the flip side, the lower price rejection driving ALGO prices above the resistance trendline can start a new breakout rally. Traders can expect the unleashed momentum to push the XLM prices as high as $0.15.
Qadir AK
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
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