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- EOS token price has been trading at $1.49 with an up move of 11.4% in the last 24 hours.
- The 24-hour volume in EOS is at $318,732,637 with a 3.86% increase.
- The ALGO/BTC pair is trading at 0.00002605 with an intraday gain of 6.19%
source-tradingview
ALGO coin price found a fresh and massive buying pressure pushing the coin price 45% higher, resulting in higher highs in the 4-hour timeframe. The coin price was facing some sort of resistance near $1.45, but the uptrend has pushed the price higher and is expected to hit the $1.75 mark.
A huge buying volume burst supported the breakout of the resistance level. The coin’s market capitalization is $4,395,715,192, an increase of 10.41% in the last 24 hours. The token ranks at #40 according to the current market capitalization.
Breakout supported with Volume burst
source-tradingview
ALGO token price did manage to break out the $1.45 resistance, resulting in a bull run if the price sustains above. The token price has been making higher highs in the 4-hour timeframe before the breakout of the $1.45 level and is expected to continue doing so. A short-term pullback is expected, after the breakout, as a retest.
The coin price is moving higher with great momentum and is also backed up with volume but declining after making every new high. The long-tailed candlesticks in the 4-hour timeframe also indicate that the bulls are more powerful. At this rate, the coin price is expected to hit the $1.75 mark soon. But the reversal or failure of price to sustain above the level might push it back down. The immediate support levels are 50 and 200 EMA and also the support trendline.
According to the 4hour timeframe, the 50 EMA (yellow) above the 200 (white) EMA, with the recent bullish crossover, indicates an uptrend in play.
The Relative strength indicator (bullish) indicates bullish momentum left in the price while trading at 60. The RSI line is spiked and expected to trail higher before rebounding from the overbought zone soon.
The ADX indicates a stagnant momentum as it is trading at 16.39 while the slope in ADX is sideways, implying a static momentum.
Conclusion – ALGO token price has recently exhibited a breakout of a resistance level of $1.46, suggesting the start of an uptrend. It might lead the price higher to hit the $1.75 mark. However, the price reversal and failure of price to sustain higher might result in a fallback.
Support – 50 and 200 EMA along with the support trendline
Resistance – $1.58 and $1.75
