Foreign media analysis suggests that Algorand rebounded after holding support near $0.10, with the price returning to around $0.12 and trading volume significantly increasing. The article views this rebound as a temporary correction, suggesting the market is retesting the upper resistance zone.
Trading volume increased, and prices returned to the channel.
The article mentions that ALGO has risen nearly 13% in the past day, with the price reaching $0.1186 and trading volume increasing by approximately 140%. Looking at the daily chart, the token entered an upward channel after a significant surge in early April. Recently, it has rebounded after repeatedly testing the lower edge of the channel and is now back inside it.
The article argues that this price movement indicates that the $0.10 level remains a key short-term support. If the price continues to hold above this area, the current corrective structure is likely to continue.
Resistance is concentrated between $0.13 and $0.14.
Foreign media outlets point out that the $0.13 to $0.14 range is now attracting more attention. If the price breaks through this range, the market may see $0.15 as the next target; if it further rises above $0.15, it may test the $0.17 area.
The article also mentions that the distance between short-term and long-term moving averages is narrowing, indicating that downward momentum is weakening. Although a golden cross has not yet formed, this change is seen as a strengthening bullish signal.
MACD is nearing a strengthening trend; $0.105 is a key level to watch.
The article also states that the MACD indicator is approaching a bullish crossover, and the narrowing histogram suggests easing selling pressure. If the moving averages and MACD subsequently strengthen in tandem, the probability of the price breaking through the resistance zone will further increase.
- Near-term support is between $0.105 and $0.11.
- Near-term resistance is at $0.13 to $0.14.
- The short-term focus is on the $0.15 level.
However, the article also cautions that if the price continues to fall below $0.105, the current rebound structure may be weakened, and ALGO may still return to the consolidation range.
