ALGORANDIA Analysis – The awakening after the fall

After weeks of a seemingly endless decline, Algorand seems to have found solid support and, more importantly, the means to rebound. Analysis on the positive changes.

ALGO – Medium-term chart: Straight to the Kijun.

From November 2021prices were blocked by the Tenkan weekly. Finally, after so much downward pressure, Buyers found the strength to bounce back and break through this resistance.. This also allows to move away from a support under stress for several months ..

Now, the next target is set by the Weekly Kijun. Located in 0,51$, is the number one target for buyers. Target #2, more ambitious, howeverwill be the top of the cloud in 0,80$. Therefore, the Ichimoku indicator is giving positive signals on this weekly chart.

The indicator The DMI is also on track to give a positive signal.. The line +DI is bypassing the -DI and therefore send a additional bullish signal. Supported by larger volumes than normal, buyers seem to be back in Algorand.

Something – Daily chart : again, buyers are in control.

After a first attempt a few weeks earlierprices skyrocketed once again. And this time, the cloud broke cleanly. This makes it possible to consider as a main objective the 0,53$represented by a a significant daily floor of SSB.

Prices continue to be driven by the Tenkan dailywhich had already managed to stop Algorand during the October downward correction.. In addition, the MACD indicator confirms the price trendafter having given a bullish signal on October 25. And since then, its exponential moving averages are converginga sign that the uptrend remains sustainable.

One thing is for sure, the news that has been released in recent days is not as negative as before. And that much of it has already been anticipated by the market.. This bodes well for a powerful upward reboundthat may last for several weeks.

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