ALGO prices find an unexpected increase in demand overnight within a falling channel, reflecting a  bullish reversal testing the 50-day EMA.

Key technical points:
<ul>
 	<li style="font-weight: 400">ALGO prices show an overnight growth of 2.43%.</li>
 	<li style="font-weight: 400">The 50-day EMA provides resistance to bullish development.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Algorand is $573 Million, marking a 300% rise. </li>
</ul>
<h2>Past Performance of ALGO</h2>
ALGO token price trades at $0.7269 with an overnight growth of more than 20%, resulting in a reversal from the support trendline of the falling channel. The bearish pattern accounts for a downfall of 40% after facing rejection at the psychological mark of $1.

<img src="https://s3.tradingview.com/snapshots/q/qZ71Zieb.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/qZ71Zieb/">Tradingview</a>
<h2>ALGO Technical Analysis </h2>
The 300% jump in the ALGO trading volume supports the trend reversal reflecting a solid bullish commitment. Hence, the chances of the 50-day EMA breakout are increasing significantly. 

The crucial daily EMAs showcase a bearish alignment with the downtrend, gradually gaining momentum while providing dynamic resistance. However, the bullish reversal challenges the 50-day EMA teasing a bullish breakout that will potentially test the 100-day EMA. 

The RSI slope indicates an upwards trend in the nearly overbought area after a sharp reversal from the 30% boundary. In addition, it shows an upward trend affected by that 14-day SMA and displays the increasing bullish momentum.

The MACD and signal lines struggle to regain the bullish alignment with the positive crossover below zero. However, the increase in bullish spread and growth of positive histograms will confirm a buy signal.

In short, the ALGO technical analysis displays a bullish reversal with a falling channel.
<h2>Upcoming Trend </h2>
ALGO coin price experiences a surge in buying pressure forecasting a bullish reversal with a potential to surpass the 50-day EMA. Hence, traders can expect a bullish wave above the psychological barrier of $1, providing the buying pressure sustains.

Resistance Levels: $0.81 and $1

Support Levels: $0.60 and $0.70

ALGO Technical Analysis: Will 50-day EMA Hold Bulls Down?

ALGO prices find an unexpected increase in demand overnight within a falling channel, reflecting a  bullish reversal testing the 50-day EMA.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

ALGO Technical Analysis: Will 50-day EMA Hold Bulls Down?

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