After weeks of decline that seemed endless, Algorand seems to have found solid support and above all the means to bounce back. Analysis on positive changes.
ALGO – Medium Term Chart: Straight to the Kijun
Since November 2021the prices were blocked by the Weekly Tenkan. Finally, after so much downward pressure, buyers have found the strength to bounce back and break this resistance. This also makes it possible to move away from a support under tension for several months.
Now the next goal is set by the Weekly Kijun. Located at $0.51, it is the number 1 target of buyers. Target 2, more ambitious thoughwill be the top of the cloud at $0.80. The Ichimoku indicator therefore gives positive signals on this weekly chart.
The indicator DMI is about to give a positive signal, too. Line +DI is passing over the -DI and therefore to send a additional bullish signal. Supported by higher volumes than normal, buyers therefore seem to be back on Algorand.
Algo – Daily chart: Buyers are in control here too
After one first attempt a few weeks ago, prices soar once again. And this time the cloud broke. This makes it possible to envisage as a primary objective the $0.53represented by a important daily SSB dish.
The prices remain carried by the daily tenkanwho had already succeeded in stopping Algorand during October downside correction. Furthermore, the MACD indicator confirms the trend printed by the prices, after giving a bullish signal on October 25th. And since, its exponential moving averages convergea sign that the uptrend remains lasting.
One thing is certain, and that is that the news that has been published for a few days is not as negative as before. And that many have already been anticipated by the market. Which bodes well for a strong bullish bouncewhich can last several weeks.
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