(ALGO) has been moving up since breaking out of a descending wedge on August 7, 2021. Sponsored Sponsored
reached a new one-year high on September 8 and is currently trying to break above the horizontal resistance area at $1.78.
Algorand reaches one-year high
On August 7, Algorand broke out of a descending wedge and has been moving upward since then. The decline on September 8 only confirmed the supertrend line as support (green) and formed a long lower wick.
ALGO resumed its uptrend with even more strength on September 8 and briefly crossed the resistance area at $1.77. This generated a new one-year high at $1.91.
are rising. The former is positive and the latter just crossed the 70 level.
Currently, ALGO is trying to close above the horizontal resistance area at $1.77
If this happens, the two closest resistance levels are at $2.15 and $2.55. These are the levels of the outer elimination of 1.27 and 1.61 Fib measured for the recent decline.
stated that ALGO could reach another new yearly high as it is close to breaking out above the $1.40 horizontal area. Source: Twitter
Future movement of ALGO
The short-term six-hour chart shows that the movement has become parabolic over the past two days.
If the rise since June 22 is a bullish impulse, then it is possible that ALGO has just completed wave five. The aforementioned annual peak was formed at the 1:1 level of wave lengths 1-3 (orange).
This is an appropriate level for a peak. Moreover, it coincides with the horizontal resistance area.
If wave 5 continues, the next Fib resistance will be at $2.4. It coincides with the area given in the previous section. <
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