Algorand Technical Analysis: ALGO/USD massive rejection at $0.38 could indicate a pullback is nearby
|- ALGO/USD has been trading inside a strong daily uptrend but has been rejected at $0.38.
- Algorand price is currently at $0.35 still far above the daily EMAs.
Algorand was up by 70% in the last seven days after a clear breakout above both daily EMAs which turned bullish. The increase in trading volume indicates the uptrend is strong but that doesn’t mean we are not going to see any consolidation moves. The daily RSI is still overextended and trading volume seems to be dropping.
ALGO/USD 4-hour chart
While the rejection might look a bit ugly on the daily chart, the 4-hour chart has painted a bull flag that could see a breakout in the next 24 hours. The decreasing trading volume indicates a big move is nearby.
The price is still significantly higher than the 12-EMA at $0.327 but the RSI remains overextended. The MACD is really bullish as well.
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