Algorand Technical Analysis: ALGO Will be Bullish Above $0.32
Past Performance of Algorand
Trading at $0.308, Algorand prices are stable in the past 24 hours and remain bearish at spot rates. Although there are flashes of strength, the failure of ALGO crypto bulls to push higher is the primary obstacle for optimists. Still, with Algorand token prices above $0.29, buyers stand a chance.
Algorand Technical Analysis
The ALGO coin technical analysis in the daily chart shows that prices are stable. The immediate support level is at last week's lows at $0.29. On the upper end, Algorand prices have primary resistance at $0.32—this week's highs—and $0.36. A high volume break above $0.32 may see ALGO token prices rise above the dynamic resistance line, the middle BB, triggering demand. In that case, traders may load the dips, targeting $0.36 in a bullish breakout formation. Conversely, if there are unexpected losses forcing ALGO below $0.29, the coin may slump to print new 2022 lows at $0.27 or worse.
What to Expect from ALGO?
The path of still resistance is southwards, despite the recent stabilization as per the ALGO technical analysis in the daily chart. Unless there is a sharp close above $0.32 or $0.29, bears remain in charge; and even lock their position further if prices slip below last week's lows.
