ALGO experienced a significant increase. The coin broke through important resistance and managed to rise to a price of $0.25. This is a significant increase compared to two days ago, when the price was $0.19. Let’s look at the graphs.
How are things going with ALGO?
First we take the ALGO weekly chart. Each candle represents 7 days, allowing us to look back at price developments. This is important to analyze the strongest price levels.
These values are shown in the graph above as red and green zones. Starting in the middle red zone of around $0.15. ALGO has found support here several times in the past, but it became exciting when the price fell below that. The coin then performed a “bearish retest,” which is negative confirmation that the trend continues to decline.
This caused the currency to fall sharply to the lower zone, to a price of almost $0.08, but ALGO miraculously managed to recover. The price found sufficient support at this level to rise further.
Things have been going well since then. As you can see, the coin encountered some resistance as it returned to the middle red zone, but after recapturing this zone, the ALGO bomb exploded.
First back to $0.22?
ALGO’s stock price rose to $0.22, and this was a point where many investors took profits. This can be seen by the small price drop and at the same time (since the sale takes place at the same location). Sellers therefore ensured that the price could not rise above this price, but buyers also bought more and more.
This led to higher and higher lows with the same highs. And most of the time these cases fail – just like the ALGO at the top. Thanks to this boost, the currency rose by 30% in two days. But what happens next?
Since ALGO has just crossed the green zone, the coin may return here first. We see this most often in severe outbreaks like this. The currency then rises very quickly, but the price recovers to fill more orders. Then the price usually moves to the next resistance.
And as we can see on the weekly chart, this is probably the upper red zone around $0.28. This doesn’t have to happen – especially if the currency starts to reach lower highs or lower lows – but in a bull market like this, these types of lofty goals are more likely to be achieved as the uptrend continues.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
