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. Key technical points: ALGO prices show an overnight growth of 2.43%. The 50-day EMA provides resistance to bullish development. The 24-hour trading volume of Algorand is $573 Million, marking a 300% rise. Past Performance of ALGO 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. Source-Tradingview ALGO Technical Analysis 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 z...