ALGO Price Faces Resistance at Upper Bollinger Band Amid Waning Momentum

ALGO's price has surged 3.39% in a day to $0.13, but it's facing resistance at the upper Bollinger Band of $0.14.

The asset is pinned against this ceiling for months and its volatility envelope suggests that it's in a compression zone.

While the broader Layer-1 landscape hasn't been favorable lately, ALGO's moving average stack looks bullish with every major moving average below current price.

However, momentum has already peaked, and the MACD histogram has flatlined at zero, which means the upside impulse that drove this move is spent.