The rate of Algorand (ALGO) has made a bearish break of the ascending support line. This is a signal that the growth of the price has come to an end
The exchange rate of ALGO project Algorand token in November 2021 renewed its historical high at $2,990 and has been declining ever since, moving under the downward resistance line. The price hit a low of $0.16 and launched the current uptrend from there.
As the technical analysis shows, the Algorand exchange rate is trading around the important area of converging resistance levels at $0.280. It is formed by the line of long-term descending resistance and the resistance area of $0.280.
The trend can be considered bullish in case the market breaks above this area.
The entire bullish price move was preceded by bullish divergence signals on the weekly RSI (green line). Now the indicator may break through the 50 line, confirming a bullish trend.
In case of a bullish breakout, the ALGO might target the next resistance at $0.410. However, if a bounce occurs, price could pull back to the $0.170 support area.
