ALGO has made several attempts at taking out its $2 mark in 2021.  Covered ALGO’s Challenge In 2021 ALGO Charts (M,W,D) Where Could It Go From Here? Can ALGO Finally Crack Above $2 For Good This Time? ALGORAND (aka ALGO) has tried hard to crack the $2 ceiling. It has done so on many occasions […] The post Can ALGO Crack Above $2 Again for Good? It Could Double If It Does appeared first on CryptosRus.

Can ALGO Crack Above $2 Again for Good? It Could Double If It Does

ALGO has made several attempts at taking out its $2 mark in 2021. 

Covered

  • ALGO’s Challenge In 2021
  • ALGO Charts (M,W,D)
  • Where Could It Go From Here?

Can ALGO Finally Crack Above $2 For Good This Time?

ALGORAND (aka ALGO) has tried hard to crack the $2 ceiling. It has done so on many occasions in 2021.

It is very apparent to see on the daily chart and weekly charts that buyers tried and failed at pushing ALGO beyond $2 and keeping it there.

While the daily chart remains choppy and messy, what we are seeing is yet another organized uptrend on the weekly chart.

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ALGO: Monthly

 

On the monthly chart, we don’t see much data. I’m using Binance’s ALGO chart, but even if we use the ALGO chart by Coinbase, it’s pretty much painting the same picture.

As you can see there are long wicks you can find on the majority of the monthly candlesticks on ALGO in 2021 and yet each time it has faded back to below $2.

But usually the more often something tests a level, the more likely that level is going to be breached.

The monthly trend is up and you can also see this with a steep trendline. Momentum is coming down and this is slightly bearish to neutral.

Squeeze indicator shows a low-compression consolidation which is maturing (squeeze indicator measure expansion and contraction of volatility in the price movement).

ALGO: Weekly


The weekly uptrend is intact but moving averages are curling down. Today we’re seeing cryptos getting bid following the Fed’s meeting.

These weekly moving averages will curl up if ALGO finds more buyers here before end of week. Notice that there are two trendlines (thin yellow lines). They will act as a support (bottom trendline) and resistance (top trendline).

ALGO: Daily

Since September 2021 ALGO has been very choppy and volatile.It is holding above 200MA D(purple) which coincides with the Fibonacci projection support line at 1.3476.

Moving averages are pointing towards support and the daily trend is down for now. Daily volume is declining and squeeze indicators suggest a capitulation of the bearish momentum on daily.

I drew a red square where it could provide heavy resistance as a significant amount of volume was traded in that volume zone.

If the entire crypto market finds more buyers from here and if ALGO can breakout and find support above $2, it could easily double from where it is today.

Price Target

If ALGO can hold above $1.36, here are some targets.

  • Price Target #1: $3.00 (also a double top)
  • Price Target #2: $3.45
  • Long-Term Price Target: $5

*Not financial advice.

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