ALGO Technical Analysis: Bulls Ready To Take Bearish Flag Down
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Let us move ahead to read about ALGO technical analysis.
Past Performance of ALGO
The ALGO coin price consolidates after a post-breakout downfall to the $0.87 mark. The price action consolidates for more than a week and shows lower price rejection. Therefore, the price action results in a bearish flag pattern in the daily chart.
ALGO Technical Analysis
The ALGO technical analysis shows the coin price is down by 35% in the past two weeks reflecting a solid underlying bearishness in control of the trend momentum. However, the lower price rejection within the inverted flag proposes a bullish breakout as the crypto market recovers.
The crucial Exponential Moving averages showcase a bearish crossover of the 100 and 200-day EMA as the price consolidates after the downfall. Moreover, the 50-day EMA keeps a bearish trend.
The MACD indicator shows a reversal in the MACD and signal lines resulting in the bullish crossover in the negative zone. Moreover, the start of bullish histograms proposes the breakout of the bearish flag.
The RSI indicator shows a gradual rise in the underlying bullishness as the slope rises above the oversold zone and surpasses the 14-day SMA. Therefore, the slope approaching the 50% mark reflects a high possibility of a bullish breakout.
Therefore, the technical indicators show a potential reversal in the ALGO token price.
Upcoming Trend
The upcoming trend in the ALGO coin price can shortly break above the bearish flag and reach the 50-day EMA. Moreover, the short-range of price action reflects trapped trend momentum. Hence, safe traders might not find a retest to enter.
The possible uptrend can reach the $1.40 or $1.60 mark if the prices overcome the sellers at $1. On the opposite end, the $0.90 and $0.80 marks can provide support to the falling prices.
At the time of writing, the sentiment chart gives a "SELL" signal for the ALGO token.