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Sanjay Shukla
Nov 19, 2022
by Sanjay Shukla

ALGO Technical Analysis: At $0.29, Algorand Signals Start of a New Bull Cycle

ALGO Technical Analysis
ALGO technical analysis displays a quick rebound in prices, with a recovery rally indicating another bull cycle with prices headed to tease the 200-day SMA overhead resistance.

Being one of the few cryptocurrencies that quickly recovered from the recent market crash caused due to bearish momentum built by the rumors around the collapse of crypto exchange FTX,  Algorand (ALGO) delivered a remarkable growth of more than 9% in the last 24 hours.  While the ALGO market cap surged by 7.66% to reach $2.08 billion, trading volume registered a jump of a whooping 200% during the last 24 hours, supporting the bullish trend in the market despite the recent fallout. At the current price of $0.2950, ALGO has shown a sharp recovery from a recent bearish breakout, showing potential to reclaim the bull cycle above the $0.30 mark.

Key Points

  • ALGO price actions show a sharp recovery rally after the recent slash 

  • The reversal at $0.2940 signals the start of a new bull cycle

  • The intraday trading volume in ALGO is 240.37 million, reflecting a 200% jump

    • TradingView ChartSource: Tradingview

    ALGO Technical Analysis

    ALGO price actions maintain an uptrend with an ongoing recovery on a rising channel pattern. Crossing the crucial resistance level of $0.2944, ALGO broke above $0.31 during early trades, but after a recent price slash, ALGO maintained a small consolidation and attempted a jump. ALGO prices may again reach above $0.3040 by the end of the day’s trade, but it can experience a minor rejection at $0.2999 for a short period. Sideline traders could get an entry opportunity if prices break above $0.31. However, if ALGO could not sustain the bullish reversal, it may take support at $0.261000.

    Technical Indicators

    After steeply diving below the oversold zone from the overbought zone due to sudden selling pressure, RSI made a quick rebound to reach the 50 mark, making a bullish divergence. MACD also showed the same pattern by making a bullish crossover while approaching the halfway line on a bullish histogram after the recent plunge. 

    With the outset of the recovery rally, the technical indicators show a rising trend as ALGO prices are teasing a jump to the overhead resistance of the 200-day SMA, as MACD and histogram are on another upswing.

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    ALGO Technical Analysis: At $0.29, Algorand Signals Start of a New Bull Cycle
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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