ALGO Technical Analysis: Will The ALGO Prices Reach To $0.42?

The ALGO technical analysis shows a rising trend beating the 50-day EMA, teasing a price jump to the overhead resistance of the 100-day EMA. The ALGO/USDT pair supported by $0.28 monthly support shows a range-bound rally over the past three months. The altcoin failed thrice to surpass the $0.37 resistance, which acts as a bullish limiter for potential recovery. The Algorand coin plunged back to the bottom support of $0.28. Thus, the buyers managed to defend this level again. Key Points: The Algorand prices show a reversal from the broken trendline. The post-retest reversal shows potential to reach the $0.42 mark. The intraday trading volume in Algorand is $13.45 Million. Source-Tradingview ALGO Technical Analysis The steady bull cycle offers new sets of higher highs, gradually leading the price to a range resistance of $0.37. Additionally, the AlGO prices currently trade at $0.33 and show a 14% growth from the base support. Moreover, the technical chart portrays the ongoing recovery as a rising channel pattern. Using this uptrend channel, the coin buyers could carry the ALGO price to higher levels; however, in theory, this rising channel is in a bearish continuation pattern. As per technical analysis, this chart pattern accentuates the failure of buyers to surpass the prior swing high, which eventually leads to a support trendline breakdown and a significant correction rally. The 20-and-50-day EMAs accentuate the ongoing sidew...