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ALGO is the native token of the Algorand blockchain. The uncertainty of the range-bound action between $0.27 and $0.38 resolved to the upside on Sept. 23, indicating the start of a new up-move. If that happens, Algorand (ALGO) could still be in its first leg of the uptrend. The important level to watch on the downside is $0.38. If bulls flip this level from resistance to support, it could increase the likelihood of the start of a new uptrend. We could see ALGO’s price then rally to $0.45 and later to $0.50. This bullish view could invalidate in the near term if the price slips below $0.38 and re-enters the range. That could sink the price to the 20-day EMA ($0.33). The bulls will attempt to break through the above barrier once more if the price bounces off of this level.
Although the price surpassed the overhead resistance at $0.38, the bulls were unable to capitalize on this momentum. This demonstrates that the bears are still in it and that they are still selling on rallies near $0.41. ALGO might fall to $0.36 if bears manage to push the market below the 20-EMA. The bulls need to protect this level because a breach below it could lead to a potential decline to the 50-SMA. To resume the upswing, the bulls will need to raise the price above $0.41 on the upside.