#Algorand price action showcases a bullish breakout of a long-coming resistance trend line in the weekly chart. The current recovery run started with a bullish engulfing candle formed in the early week of November.
This accounted for a 32% surge, creating the first bullish engulfing candle in this recovery rally’s weekly chart. Since then, Algorand’s price action has formed four consecutive bullish candles and has surpassed the $0.35 mark.
Starting from the $0.10 psychological mark, the bull run now accounts for a 225% surge. The breakout rally is challenging the 200-week EMA line, slightly below the 50% Fibonacci level.
Following the bullish crossover of the 100-week EMA line, the upward movement in the 50-week EMA line increases the likelihood of another bullish crossover. With the ongoing recovery, the merged MACD and signal lines have significantly diverged in a bullish alignment, and the positive histograms have surged.
Algorand Price Chart
