- Crypto trader Michael van de Poppe predicts a bullish trend for Algorand (ALGO).
- ALGO must surpass the $0.105 resistance level to initiate bullish movement.
- ALGO’s 24-hour performance reversed its weekly trend, yielding a +2.05% return.
Prominent crypto trader and analyst Michael van de Poppe disclosed on X that he maintains a positive outlook on Algorand
Van de Poppe has forecasted that for ALGO to initiate a bullish trend, it is crucial to flip resistance levels. Specifically, the analyst highlighted that ALGO must surpass the $0.105 resistance level and convert it into a support level before any bullish movement can occur.
Should ALGO end a daily candle beyond the $0.1050 mark, it could ascend to the next level at $0.1195. On the other hand, if the altcoin’s value fails to surpass the $0.1050 point, it might retract to the immediate support level of $0.0935. Following this, persistent selling pressure could push ALGO to a low of $0.0872 in the subsequent days.
Investors and traders must be aware that a notable bullish technical flag has recently been activated on ALGO’s daily chart. Over the last 48 hours, the daily RSI line has moved above the daily RSI SMA line. This technical flag indicates that buyers are gaining momentum on ALGO’s charts. As a result, ALGO could overcome the $0.105 resistance level shortly.
At the time of reporting, CoinMarketCap data showed that ALGO was trading at $0.1, marking a more than 4% increase in its price over the last trading day. This represents a new 24-hour high for the altcoin. Importantly, this positive trend also resulted in a 4.21% gain against Bitcoin
The 24-hour performance of the altcoin successfully reversed its weekly trend, resulting in a positive return of +2.05%. However, ALGO’s trading volume over the same 24-hour period decreased 2.63% from the previous day, bringing it down to approximately $22,642,198.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
