|

Here are the bullish signals that Algorand price displays

  • Algorand price has printed a bullish hammer.
  • Algorand price shows bullish strength on the RSI
  • Invalidation is a close below $0.675

Algorand price may look too good to be true to most traders as price is coming very close to invalidating last week's bullish trade setup. Speculation alone will never pay the bills, and the ALGO price is worth taking the risk.

Algorand price is worth the risk

Algorand price is enticing analysts to go all-in as the digital token is looking very promising. Last week, a 20% rally was forecasted for the ALGO price. Since the bullish thesis, Algo price discouraged traders as the price has come very close to its invalidation point. However, the amount of time it is taking for the bears to invalidate the bullish thesis is a chink in their armor. 

Algorand price Relative Strength Index indicates bullish interest as a bullish hammer has been printed in buyers territory on the two-day chart. The crypto market, in general, has been quite disappointing this week, which could allow traders to easily miss the evidence being put forth. ALGO price can rally back to $0.92, a 30% rally from the current $0.715. Traders can enter now or place a buy stop at $0.76 above the bullish hammer for a safer entry.

TM/ALGO/4.14.22

ALGO/USDT 2-Day Chart

As last week's thesis mentioned, invalidating the bullish trade setup remains the same. The bears must close below $0.675.

 If the bears can establish a close below $0.675, consider all hope for the ALGO price gone. ALGO price will likely fall between $0.60 and $0.53, resulting in a 25% dip from the current price.

Author

More from FXStreet Team
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.