Hi friends hope you are well and welcome to the new update on Algo coin.
Breakout from wedge pattern:
On the daily chart, the priceline of Algorand coin started the formation of wedge pattern in the 1st week of Nov 2020 and now finally, it has broken out the resistance of this wedge.
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Reached at $0.50 resistance:
While breaking out the wedge’s resistance the price action has also broken out the $0.40 price level resistance and now reached the next resistance at $0.50. If the $0.50 resistance will be broken out then the next resistance would be at $0.70 and then a final and key level resistance is at $0.90. On the long-term weekly chart, it can be seen that after $0.90 resistance there is no significant resistance between $0.90 to the highest price level that is $3.44 as per the Binance exchange.
An up-channel formation:
On the long-term weekly chart, it can be seen that the priceline of Algo coin has formed an up channel and moving between the support and resistance of this channel very well. While moving between the support and resistance of this channel the price action of Algorand is also making higher highs. Therefore if this time it will go for another higher high then it can be above $0.80. The exponential moving averages with the time period of 10 and 21 have also formed a bull cross beneath the candlesticks and now lifting the priceline up. And this cross is just formed therefore a more powerful rally is expected.
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Conclusion:
In the near future, a more powerful rally is expected. However, if the price action will be able to breakout the resistance of the up-channel that has been formed on the daily chart, then it can also break out the key level resistance of $0.90 and can move to the highest price. And if it will surpass the previous high then it can even move to $5.
