Why Algorand [ALGO] rally is unable to break above mid-range resistance
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
That is, the mid-range can act as both support and resistance for ALGO based on where it was trading at. The 12-hour Relative Strength Index was below the neutral 50 mark and appeared to retest it as resistance to highlight bearish momentum.The four-hour chart highlighted the importance of the $0.328 level for ALGO. In early July, it offered some resistance to the bullish advances. Similarly, last week the same mid-range mark opposed selling pressure but eventually succumbed.
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