ALGO Price Upswing Expected Tomorrow - Technical Analysis
Past Trends
On March 11, 2021, the opening price of ALGO was $1.18. As of March 17, 2021, ALGO closed at $1.29. Thus, in the past week, the ALGO price has surged by approximately 9%. In the last 24 hours, the ALGO price has fluctuated within the price range of $1.15-$1.34.
Day-Ahead and Tomorrow
Today morning, ALGO started trading at $1.29. Currently, ALGO is trading at $1.31. Thus, there has been an increase in the ALGO price since morning. The market looks healthy.
The MACD and signal lines are positive. However, a bearish crossover by the MACD line over the signal line is indicative of an intermittent price pullback amidst a rising price trend.
Currently, the RSI indicator is at 54%. It was in the ‘overbought’ region a couple of hours back. Thereafter, it fell to the current level. Thus, selling pressures are slowly mounting. Hence, a price pullback cannot be ruled out.
The OBV indicator has been continually rising in the past 24 hours. Thus, buying volumes are higher than selling volumes. There is a bullish divergence here. Hence, we can expect the price to resume its upward journey post brief price pullbacks.
ALGO Price Analysis
The price has fallen below the first Fibonacci pivot resistance level of $1.33. It may fall up to the Fibonacci pivot point of $1.26, in some time, as the oscillators have indicated a price pullback.
The price is likely to test and fall below the 23.6% FIB retracement level of $1.29 soon. It may even fall below the 38.2% FIB retracement level of $1.27 as well. However, by day close, we can expect the price to retest these levels and break out of them as the overall market looks positive. In that case, the price upswing can be expected tomorrow as well.