ALGO bounces off a critical support level but the altcoin's market structure remains bearish as of press time.
Bulls halt trend of ATLsALGO’s bearish market structure has seen it hit a series of All-Time-Lows in late Q2 and early Q3 2023.
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. The Relative Strength Index 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.
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. The bullish rally’s first hurdle to overcome lies at $1.20 and $1.40 . If bulls successfully clear these levels in the coming days, ALGO could flip its structure bullish in the short term.
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