ALGO Technical Analysis: Bulls Ready To Take Bearish Flag Down

The ALGO coin price forms a bearish flag after a downfall but the gradual rise in underlying bullishness teases a rally above $1. Algorand can be described as a self-sustaining blockchain-based, decentralized network that is able to support a broad variety of applications. They are safe, efficient, and scalable and have all the necessary properties to run efficient apps in the world. Algorand will be able to support computations that require reliable performance guarantees to establish new levels of trust. Let us move ahead to read about ALGO technical analysis. Past Performance of ALGO The ALGO coin price consolidates after a post-breakout downfall to the $0.87 mark. The price action consolidates for more than a week and shows lower price rejection. Therefore, the price action results in a bearish flag pattern in the daily chart. ALGO/USD Daily Chart ALGO Technical Analysis The ALGO technical analysis shows the coin price is down by 35% in the past two weeks reflecting a solid underlying bearishness in control of the trend momentum. However, the lower price rejection within the inverted flag proposes a bullish breakout as the crypto market recovers. The crucial Exponential Moving averages showcase a bearish crossover of the 100 and 200-day EMA as the price consolidates after the downfall. Moreover, the 50-day EMA keeps a bearish trend. The MACD indicator shows a reversal in the MACD and signal lines resulting in the bullish c...