ALGORAND Analysis – Waking up after the fall

After weeks of decline that seemed endless, Algorand seems to have found solid support and, above all, the means to make a comeback. Analysis of positive changes.

ALGO – Medium Term Chart: Straight to Kijun

Since November 2021prices were blocked by Weekly Tenkan. Finally, after so much downward pressure, buyers have found the strength to come back and break this resistance. This also makes it possible to move away from one support under tension for several months.

Algorand – Weekly Chart

Now the next goal has been set Weekly Kijun. Located at $0.51, it is the number 1 target for buyers. Goal 2, but more ambitiouswill be the top of the cloud at $0.80. The Ichimoku indicator is therefore giving positive signals on this weekly chart.

The indicator DMI is also giving a positive signal. Line +DI goes over – YOU and therefore to send one additional bullish signal. Supported by higher amounts than normal, buyers therefore appear to be back on Algorand.

Algo – Daily Chart: The buyers are also in control here

After one first attempt a few weeks ago, prices rise again. And this time the cloud broke. This makes it possible to imagine as a primary goal $0.53represented by a important daily SSB right.

Algorand – Daily Chart

The prices remain borne by daily thinkingwhich had already succeeded in stopping Algorand during October downside correction. Moreover, The MACD indicator confirms the trend printed by the prices, after giving a bullish signal on October 25. And since, its exponential moving average convergesa sign that the uptrend remains durable.

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 are already foreseen by the market. Which bodes well for a strong bullish reboundwhich can last several weeks.

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