![]() ![]() The reaction to the $0.11 area will likely determine the future ALGO price prediction. If the count is correct, the price began a new upward movement on July 13, which will take it at least to the $0.15 resistance area. The fact that the price bounced at the 0.618 Fib level further supports this possibility. If this is the case, the ALGO price trend is bullish due to the correction being downward facing. The wave count suggests that the decrease since the June 24 high is a corrective A-B-C structure. To determine the direction of a trend, technical analysts use the Elliott Wave theory, which involves studying recurring long-term price patterns and investor psychology. The main reason for this is the wave count. The technical analysis from the short-term six-hour timeframe is more bullish than the daily one. ALGO Price Prediction: Bounce or Break Down? Consequently, it does not confirm whether the price will bounce back or continue to decline. Although the RSI is currently below 50, it has formed a higher low. The daily RSI does not offer much insight into predicting the future trend either. As for ALGO, either scenario may probably occur: a breakdown below this support area could lead to a decline to $0.09, whereas a bounce could test the previous highs from June at $0.14. Source: TradingViewĪ close below this level often indicates a bearish trend, while a bounce from it suggests that the correction has concluded. The 0.618 Fib level holds particular importance as it helps determine whether the price decline is merely a corrective phase. According to the theory of Fibonacci retracement, there is usually a partial retracement or return to a previous price level after a significant price movement in one direction. The daily time frame technical analysis does not provide enough evidence to determine the future direction of the ALGO price trend for several reasons.Ĭurrently, the ALGO price is trading slightly above the significant support level of $0.11, corresponding to the 0.618 Fibonacci retracement level. ![]() Algorand Price Trades Inside Crucial Support While the daily timeframe readings and price action are inconclusive, the short-term wave count suggests that a bottom has been reached, and a significant bounce will follow soon. The reaction to it could determine the future trend. The Algorand (ALGO) price trades inside a crucial horizontal support level. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |