Algorand (ALGO) price has initiated a short-term breakout. It has nearly reached a crucial resistance level at $0.35-$0.36. A breakout above it would confirm the bullish reversal.
ALGO price has been trading inside an ascending parallel channel since falling to a yearly low of $0.275 on June 16. Such channels usually contain corrective movements. This would mean that an eventual breakdown from the channel is expected.
On Sept. 23, Algorand price seemed to break out from the channel. However, it failed to sustain its upward movement (red circle) and fell shortly afterward.
Currently, ALGO price is trading in the middle of the channel. Until now, the midline has acted as both resistance (red icons) and support (green icons) numerous times. So, a movement above it would provide a bullish ALGO price prediction, while the opposite would be true for a rejection.
The daily RSI is neutral since it is moving freely above and below 50. This…
