📊 Analysis of $ALGO coin on the daily timeframe
Hey guys, $ALGO is at $0.0859 with a slight drop of -1.83%, and it continues a bearish trend from the top at $0.1396 👀
✅ Positive news: The Algorand Foundation has released a roadmap for a resistance update against quantum computing — an important technical development in the long run that enhances network security.
Indicators:
Price is below all major moving averages, the MACD is almost neutral at ~0.0000 after a negative period, and the RSI(24) is at 41.5 in the neutral zone — the market needs a clearer catalyst for the next move 🧠
Suggested entry: $0.0809 — $0.0859 (cautious entry)
🎯 Target 1: $0.0909
🎯 Target 2: $0.1167
🎯 Target 3: $0.1396
🔴 Stop loss: below $0.0779
About the coin 🔺
Algorand, or $ALGO , is a fast, highly energy-efficient blockchain network that uses an advanced consensus mechanism called Pure Proof-of-Stake. The quantum-resistance news gives it a technical edge ahead of other networks that have not yet focused on this topic.
⚠️ The news is positive, but the market is in a state of balance — we should wait for a clearer confirmation. Trade responsibly and we must stick to the stop loss. 🛡️
#ALGO #algorand
Hey guys, $ALGO is at $0.0859 with a slight drop of -1.83%, and it continues a bearish trend from the top at $0.1396 👀
✅ Positive news: The Algorand Foundation has released a roadmap for a resistance update against quantum computing — an important technical development in the long run that enhances network security.
Indicators:
Price is below all major moving averages, the MACD is almost neutral at ~0.0000 after a negative period, and the RSI(24) is at 41.5 in the neutral zone — the market needs a clearer catalyst for the next move 🧠
Suggested entry: $0.0809 — $0.0859 (cautious entry)
🎯 Target 1: $0.0909
🎯 Target 2: $0.1167
🎯 Target 3: $0.1396
🔴 Stop loss: below $0.0779
About the coin 🔺
Algorand, or $ALGO , is a fast, highly energy-efficient blockchain network that uses an advanced consensus mechanism called Pure Proof-of-Stake. The quantum-resistance news gives it a technical edge ahead of other networks that have not yet focused on this topic.
⚠️ The news is positive, but the market is in a state of balance — we should wait for a clearer confirmation. Trade responsibly and we must stick to the stop loss. 🛡️
#ALGO #algorand