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Algorand (ALGO) is showing bullish signs in the long-term, though it has yet to confirm the movement with a breakout from a short-term resistance area.
Algorand, the Layer-1 proof-of-stake blockchain network, announced the appointment of Michele Quintaglie as its Chief Marketing Officer (CFO). Quintaglie has an extensive background in corporate communications in several Fortune 100 companies such as Visa Inc, United Technologies, and Fidelity asset management. She is tasked with improving the position of Algorand in the marketplace through key partnerships, sponsorships, and influencer marketing.
The positive news for Algorand does not stop here. Algorand Non-Fungible Token (NFT) sales reached a new all-time high in September, even though there are eight more days left until the end of the month. This shows an increasing interest in the Algorand NFT market and could be a sign of positive things to come.
At one point on Sept. 22, ALGO increased by 23.54% on the day, reaching a high of $0.407 in the process. This seemingly caused a breakout above the $0.37 resistance area.
However, the price failed to sustain the upward movement and created a long upper wick, falling back below the aforementioned resistance.
Despite the failure to sustain the upward movement, the daily RSI is bullish, supporting the possibility of a future breakout. The indicator has moved decisively above 50 and reached a high of 65, the highest value since March.
ALGO weekly movement
On top of the short-term increase, the weekly chart shows signs of a potential long-term upward movement. There are three main reasons for this:
- A bounce at the $0.30 long-term area
- A breakout from a long-term descending resistance line
- Bullish divergence in the weekly RSI
This suggests that an upward movement towards the $0.75 resistance area is likely to occur.
In order for the bullish trend reversal to be fully confirmed, the weekly RSI has to break out above its bearish divergence trendline (black) and move above 50. However, an upward movement towards $0.75 seems likely in any case.
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