The $1 price tag remains far-fetched despite bullish impulses this ‘Uptober’, but can ALGO reclaim the quarterly heights?
An early Tuesday morning technical analysis on Algorand (ALGO) implied a beginning of a wider rebound if the altcoin holds above the current level of $0.22. Tom DeMark Sequential, popularly shortened to the TD sequential, is a powerful technical instrument that marks the top & bottoms price trends.
In the case portrayed by Ali Martinez, the seasoned analyst discovered two ‘buy’ signals using the TD Sequential on one-week technical ALGO charts. To determine if that’s indeed the bottom of Algorand’s (ALGO) gradual dip from the $0.2888 quarterly heights, other on-chain metrics like the Chaikin Money Flow (CMF) & Parabolic Stop & Reverse (SAR) are crucial.
Parabolic SAR & Whale Activity Paint a Different Picture
Certainly, the objective perspective draws a slightly different picture for Algorand (ALGO). First of all, the crypto whales, otherwise known as largest investors, aren’t exactly rushing in. With the Chaikin Money Flow (CMF) dwelling in negative figures, the Parabolic SAR also raises questions about ALGO’s potential to catch up with Uptober’s festivities.
Depicted in the blue dots above the current ALGO price range, this flashes a contradictory light to Ali Martinez’s ‘buy’ signals spotted with the TD Sequential. On the contrary, the Parabolic SAR trend shows a ‘sell’ signal on Algorand’s (ALGO) weekly charts, mostly due to the ongoing asset reduction by the largest players.
Presently, the #64 positioned OG altcoin ALGO is trading at $0.225 with a market cap of nearly $2 billion and a 24-hour trading volume of $103,332,529.
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