📌Algorand Set To Enter Long-Term Accumulation Zone✅
The ALGOUSDT analysis update is here. Currently, Algorand is trading at $0.1186 USDT, experiencing a 0.17% decline in the past 24 hours.
Technical Indicators
Oscillators show a neutral to sell trend, while moving averages suggest a strong sell trend. The Relative Strength Index (14) and Stochastic %K (14, 3, 3) also indicate a sell trend.
Trader Sentiment
Some traders believe Algorand has a bullish potential, with possible targets at $0.154, $0.165, and $0.20. Others recommend shorting Algorand due to the unfilled CME gap and a possible 15% move.
Key Levels
- Support Level: $0.0820 USDT
- Resistance Level: $3.4400 USDT
- Target Zones: $0.154, $0.165, $0.20
It seemed like Algorand ended its correction but nope, a rejection is present right at EMA34 last week, and this week a move (and soon close) below EMA13, pointing toward another low next.
The drop that happened in early August 2024 did activate the October/September 2023 low prices, but the pair still produced a higher low. It seems we will get another drop which will activate the long-term accumulation zone. When prices drop, this will be the last chance to buy cheap and accumulate in anticipation of the 2025 major bull-market.
Keep in mind that market conditions can change rapidly, and it's essential to stay updated and adjust your strategies accordingly.
Always consider risk management and proper trading strategies.