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Peter Oleshchuk
May 20, 2022
by Peter Oleshchuk

ALGO Technical Analysis: The Main Target Of The Rebound Is $0.68

ALGO

Table of contents

  1. Technical Analysis Of ALGO On The Daily Timeframe
  2. The ALGOBTC Price Is At A Global Critical Point
The ALGO cryptocurrency is no different from others at first glance. The fall of the ALGO price from November 2021 is about 80%. This is the market average. However, not all cryptocurrencies show on the chart the interest of investors to keep the price. Looking at the weekly ALGO timeframe, it can be seen that trading volumes increased even before the final drain. During the weekly candle of 2 May, buyers were preparing to reverse the downward trend and closed the weekly candle with an "absorption" pattern. However, the Bitcoin market was set to fall sharply and the idea of ​​ALGO buyers failed.

ALGO

As a result, the ALGO price tested an important range of $0.44 on anomalous volumes. Looking at the history of ALGO price movements, this range has prevented buyers from continuing the growth trend throughout 2020. Given the importance of this range, we expect at least a minimal rebound of the ALGO price to $0.68. This is the closest liquidity level from which sellers have every chance to continue the downward trend. Trading such a situation on the market is quite risky, so you should correctly calculate the amount of investment that can be risked. In case of breaking the $0.44 mark, the price will try to test the $0.22 mark. It is in this price range that you should buy ALGO.

Technical Analysis Of ALGO On The Daily Timeframe

Analyzing the price movement of ALGO on the daily timeframe, we are ready to say that the test of $0.68 may take place in the near future. The fact is that buyers can not tear the price of ALGO from the range of $0.44. And the trading volumes do not indicate anger and aggression from buyers.

Therefore, to begin with, we expect a breakdown of the upper limit of local consolidation up and a test of the middle of the falling channel. Approximately this is the mark of $0.57. Please note that on 10 May, buyers tried in large quantities to prevent the ALGO price from falling further. But, the daily candle only organized the pin-up, after which the price continued to fall. If after the test mark of $0.57 buyers keep the price of $0.44 - this will be a good signal to buy ALGO with a target of $0.68.

The ALGOBTC Price Is At A Global Critical Point

TradingView Chart

The desire of ALGO buyers to grow is clearly visible on the ALGOBTC chart. This is one of the few cryptocurrencies that did not make a total sale in pairs to BTC. Yes, the weekly candle from 9 May absorbed the previous one, but the price of ALGOBTC remained within the growth channel. Thus, if the cryptocurrency market will create a favorable atmosphere for at least 2 months - we expect an active increase in the ALGOBTC price to 0.000036.

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ALGO Technical Analysis: The Main Target Of The Rebound Is $0.68
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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