ALGO’s Path to a Bullish Trend: Overcoming the 0.105 Dollars Resistance

Crypto News- In a recent interview on X, Michael van de Poppe, a well-known cryptocurrency trader and analyst, expressed optimism about the future of Algorand (ALGO). According to van de Poppe, ALGO might need to retest its support level around $0.09 before it can start moving upward.

ALGO’s Path to a Bullish Trend: Overcoming the 0.105 Dollars Resistance

Van de Poppe emphasized the importance of overcoming key resistance levels for ALGO to establish a bullish trend. He specifically pointed out the significance of surpassing the $0.105 resistance and turning it into a strong support level.

If ALGO manages to close a daily candle above $0.1050, it could potentially open the door for a move towards the next target at $0.1195. However, if the coin is rejected at the $0.1050 level, it might experience a retracement towards the immediate support at $0.0935, with the possibility of further downward pressure pushing it as low as $0.0872 in the coming days.

A noteworthy technical development on ALGO’s daily chart is the emergence of a bullish technical flag. In the past 48 hours, the daily Relative Strength Index (RSI) crossed above the daily RSI Simple Moving Average (SMA) line. This particular technical signal suggests that buyers are gaining strength in the ALGO market, potentially setting the stage for the coin to break the $0.105 resistance in the near future.

As for current market data, according to CoinMarketCap, at the time of writing, ALGO was trading at $0.1, reflecting a more than 4% increase in the past 24 hours and reaching a new 24-hour high. Notably, this positive performance also allowed ALGO to strengthen against Bitcoin (BTC) by approximately 4.21%.

Over the course of the week, ALGO posted a positive gain of +2.05%, building on its 24-hour success. However, the 24-hour trading volume for ALGO saw a modest 2.63% decline compared to the previous day, settling at approximately $22,642,198.