ALGO NEWS 26/9
Algorand (ALGO) is trading at $0.14 at the moment, facing bearish pressure below the 200-day EMA.
From a technical analysis perspective, ALGO/USD is approaching a key resistance zone between $0.149 and $0.152, which coincides with the 200-day EMA. This range has been a strong barrier over the past three months after ALGO price slipped below the moving average on June 7.
For ALGO/USD to confirm its bullish momentum, the pair needs to break above the trendline. ALGO failed to challenge this zone in early July before briefly breaking above it from July 14 to July 22.
In its most recent attempt, ALGO’s rally was stalled at the August 26 high.
This zone is also a barrier that traders are closely watching, as a successful break would see nearly 140,000 addresses in profit.
These addresses, currently in the red, hold a cumulative volume of 743.62 million ALGO. A bounce from this zone would provide much-needed relief to ALGO bulls, potentially paving the way for further gains above $0.16.
