The post ALGO Price Analysis: Triangle Breakout Marks Grand Bullish in Algorand Price! appeared first on Coinpedia Fintech News
Despite a declining trend, ALGO prices are down 96.62% from the all-time high of $3.28. However, the remarkable buying pressure at the psychological mark of $0.10 led to solid bottom support.
ALGO price action formed a descending triangle pattern with constant resistance from the 50-day EMA and the resistance trendline. However, the multiple bouncebacks from the $0.10 mark, with the bullish divergence in the RSI line, finally led to a bullish breakout.
The recent 4.96% jump in ALGO prices following the morning star pattern at the $0.10 mark marks a bullish triangle pattern breakout. Moreover, the surge in the trading volume supporting the breakout candles projects a prolonged uptrend.
The technical indicators maintain a bullish standpoint for the upcoming ALGO price trend. The daily RSI line maintains an uptrend with the bullish divergence and preps to c
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