{"id":161656,"date":"2023-09-24T00:06:06","date_gmt":"2023-09-23T18:36:06","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=161656"},"modified":"2023-09-24T00:06:06","modified_gmt":"2023-09-23T18:36:06","slug":"algo-bounces-back-but-retains-its-bearish-structure-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/algo-bounces-back-but-retains-its-bearish-structure-crypto-news\/","title":{"rendered":"ALGO bounces back but retains its bearish structure &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"single-post-author-top\">\n<p>\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" data-del=\"avatar\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/08\/image-1-80x80.jpeg\" class=\"avatar pp-user-avatar avatar-48 photo \" height=\"48\" width=\"48\" \/><\/p>\n<p>contributor<\/p>\n<\/p><\/div>\n<p>\t\t\t\t\t\t\t\t<span class=\"mvp-post-date updated\">Posted: September 24, 2023<br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span><\/p>\n<\/p><\/div>\n<div>\n<p><i data-stringify-type=\"italic\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>ALGO registered a 20% bounce off the $0.09 support over the past week.<\/em><\/li>\n<li><em>Surging Spot CVD hinted at strong interest from buyers for further gains.\u00a0<\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/ALGO\" data-wpel-link=\"internal\">Algorand [ALGO]<\/a> bounced off a critical support level to halt the intense selling pressure on the altcoin. ALGO bears have dominated the price action since mid-April, with bulls getting wiped out at every support level.<\/p>\n<hr \/>\n<p style=\"text-align: center\">How much is\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/convert\/1-algo-to-usd\" data-wpel-link=\"internal\">1,10,100 ALGOs worth today<\/a>?<\/p>\n<hr \/>\n<p>Meanwhile, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/BTC\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> continued to trade at $26.5k as the king coin\u2019s correction extended into the weekend.<\/p>\n<h4><strong>Bulls halt trend of ATLs<\/strong><\/h4>\n<div id=\"attachment_345863\" style=\"width: 1883px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGOUSDT_2023-09-23_07-28-03.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-345863\" class=\"size-full wp-image-345863\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"Algorand ALGO price chart on dark background\" width=\"1873\" height=\"1054\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGOUSDT_2023-09-23_07-28-03.png 1873w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGOUSDT_2023-09-23_07-28-03-300x169.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGOUSDT_2023-09-23_07-28-03-1024x576.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGOUSDT_2023-09-23_07-28-03-768x432.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGOUSDT_2023-09-23_07-28-03-1536x864.png 1536w\" data-lazy-sizes=\"(max-width: 1873px) 100vw, 1873px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGOUSDT_2023-09-23_07-28-03.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-345863\" class=\"size-full wp-image-345863\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGOUSDT_2023-09-23_07-28-03.png\" alt=\"Algorand ALGO price chart on dark background\" width=\"1873\" height=\"1054\" \/><\/a><\/p>\n<p id=\"caption-attachment-345863\" class=\"wp-caption-text\">Source: ALGO\/USDT on Trading View<\/p>\n<\/div>\n<p>ALGO\u2019s bearish market structure has seen it hit a series of All-Time-Lows (ATLs) in late Q2 and early Q3 2023.<\/p>\n<p>However, a 20% bounce from the $0.09 support level has given buyers a glimmer of hope to mount a sustained bullish rebound. With ALGO trading at $0.10 as of the time of writing, the on-chart indicators supported a continuation of the bullish rally.<\/p>\n<p>The Relative Strength Index (RSI) rose above the neutral 50 and stood at 59, signifying the rising buying pressure. Similarly, the Chaikin Money Flow highlighted strong capital inflows with a reading of +0.21.<\/p>\n<p>On the lower timeframes, the RSI stood at the edge of the overbought zone. This hinted at both short-term and long-term bullishness for ALGO.<\/p>\n<p>The bullish rally\u2019s first hurdle to overcome lies at $1.20 (bearish lower low) and $1.40 (resistance level). If bulls successfully clear these levels in the coming days, ALGO could flip its structure bullish in the short term.<\/p>\n<h4><strong>Sharp rise of Spot CVD showed huge demand behind ALGO<\/strong><\/h4>\n<div id=\"attachment_345865\" style=\"width: 1810px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGO_CVD_Funding-Rate.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-345865\" class=\"size-full wp-image-345865\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"1800\" height=\"842\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGO_CVD_Funding-Rate.png 1800w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGO_CVD_Funding-Rate-300x140.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGO_CVD_Funding-Rate-1024x479.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGO_CVD_Funding-Rate-768x359.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGO_CVD_Funding-Rate-1536x719.png 1536w\" data-lazy-sizes=\"(max-width: 1800px) 100vw, 1800px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGO_CVD_Funding-Rate.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-345865\" class=\"size-full wp-image-345865\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/ALGO_CVD_Funding-Rate.png\" alt=\"\" width=\"1800\" height=\"842\" \/><\/a><\/p>\n<p id=\"caption-attachment-345865\" class=\"wp-caption-text\">Source: Coinalyze<\/p>\n<\/div>\n<hr \/>\n<p style=\"text-align: center\">Realistic or not, here\u2019s\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/marketcap\" data-wpel-link=\"internal\">ALGO\u2019s market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<p>Data from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinalyze.net\/algorand\/funding-rate\/\" data-wpel-link=\"external\">Coinalyze<\/a> pointed toward the bullish charge gathering more momentum. The spot CVD surged on 20 September and has maintained its uptrend. This was a strong indication that prices could continue to rally high.<\/p>\n<p>Although the Funding Rate wavered, the overall bullishness on ALGO\u2019s chart could see buyers register further gains.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>contributor Posted: September 24, 2023 Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion. ALGO registered a 20% bounce off the $0.09 support over the past week. Surging Spot CVD hinted at strong interest from buyers for further gains.\u00a0 Algorand [ALGO] bounced off [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":161657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-161656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/161656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=161656"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/161656\/revisions"}],"predecessor-version":[{"id":161659,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/161656\/revisions\/161659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/161657"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=161656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=161656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=161656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}