- Algorand price has printed a bullish hammer.
- Algorand price shows bullish strength on the RSI
- Invalidation is a close below $0.675
Algorand price may look too good to be true to most traders as price is coming very close to invalidating last week's bullish trade setup. Speculation alone will never pay the bills, and the ALGO price is worth taking the risk.
Algorand price is worth the risk
Algorand price is enticing analysts to go all-in as the digital token is looking very promising. Last week, a 20% rally was forecasted for the ALGO price. Since the bullish thesis, Algo price discouraged traders as the price has come very close to its invalidation point. However, the amount of time it is taking for the bears to invalidate the bullish thesis is a chink in their armor.
Algorand price Relative Strength Index indicates bullish interest as a bullish hammer has been printed in buyers territory on the two-day chart. The crypto market, in general, has been quite disappointing this week, which could allow traders to easily miss the evidence being put forth. ALGO price can rally back to $0.92, a 30% rally from the current $0.715. Traders can enter now or place a buy stop at $0.76 above the bullish hammer for a safer entry.
ALGO/USDT 2-Day Chart
As last week's thesis mentioned, invalidating the bullish trade setup remains the same. The bears must close below $0.675.
If the bears can establish a close below $0.675, consider all hope for the ALGO price gone. ALGO price will likely fall between $0.60 and $0.53, resulting in a 25% dip from the current price.