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Can ALGO Price Initiate A New Rally With This Bullish Pattern?

TradingView Chart


The ALGO coin maintains an overall bullish trend in its technical chart. The coin price has recently bounced back from crucial support of $1.56, and now with a double bottom pattern, it suggests a possible rally in the upcoming trading session. Watch out for these resistance levels in a long position.

Key technical points:

  • The ALGO price bounced back from the $1.56 support level
  • The ALGO price reclaims the 50-day EMA line
  • The intraday trading volume in the ALGO coin is $737.6 Million, indicating a 68.18% hike.

Source- ALGO/USD chart by Tradingview

The ALGO/USD chart displayed the price resonated in a rising channel pattern in the daily time frame. On November 16th, the coin price provided a decisive breakdown from its support trendline, indicating a great short opportunity for crypto traders.

Though the ALGO price provided a decent retest to the new resistance trendline, the coin couldn’t pass an important support level of $1.56, providing significant demand pressure below this level.

The Relative Strength Index(56) indicated an impressive recovery concerning the recent bullish reversal from the bottom support.

ALGO/USD 4-hour Time Frame Chart

TradingView Chart

Source- ALGO/USD chart by Tradingview

The ALGO coin showed a double bottom pattern in the 4-hour time frame chart. However, in addition to the neckline of the $1.56 mark, this coin will also be facing resistance from the ascending trendline, which was earlier providing good support in a parallel channel.

Furthermore, the price has already provided a breakout from these resistance levels, and if the price shows good sustainability above them, the crypto traders should get a good entry opportunity to go long. 

Moreover, the crypto trader can expect the next resistance level for the price at $2.1, followed by 2.28

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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