The Algorand proof-of-stake [PoS] blockchain platform recently launched its Algorand Virtual Machine, which quickly draws new money into the ecosystem. Let’s analyze the ALGOUSDT chart following a top-down approach, starting from the daily time frame, and wrapping it up on the 4HR time frame.
Algorand (ALGO) Daily Chart Analysis
A bullish campaign started on the daily time frame of the ALGOUSDT upon entering the RSI overbought area [level-75], indicated by the green label of the on-chart RSI indicator. The bulls continued to scale into their buy position as the RSI continued to hover above the level-25 and finally dipped below level-25 on 21 Sep ’21.
Although the RSI dip below the level-25 may send a bearish outlook towards the pair, the recent price close above bearish inside bar resistance and bullish divergence on 21 Sep ’21 hint that the bulls are still lurking around the corner.
An entry of the RSI above the level-75 would confirm a bullish comeback as the ALGOUSDT exchange
Źródło: https://coingape.com/algo-price-analysis-bulls-gearing-up-for-a-rally-to-new-ath/
