ALGOUSD is looking for a rising bottom - Analysis - 18-12-2024

The price of ALGORAND (ALGOUSD) has declined during its recent trading at the moment levels, as the price is trying to search for a rising bottom to take as a base that may help it gain the necessary positive momentum to regain its recovery, amid the dominance of the main upward trend in the short term, with the continuation of positive pressure due to its trading above its simple moving average for the previous 50-day period, as we notice the beginning of the appearance of a positive intersection with the relative strength indicators, after reaching areas of severe saturation with selling operations.

Therefore, we expect the currency price to return to rise during its upcoming trading, as long as the support level of $0.3565 remains stable, to target the resistance level of $0.6133 again.

The expected direction for the upcoming trading: It is likely to rise $ALGO