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.

Lorenzo Stroe Independent Analyst

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.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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