Crypto
ALGO's $0.10 Hurdle: Bulls Must Deliver in Next 7 Days
ALGO's price action has been closely watched in recent days as it approaches its $0.10 resistance level.
A daily close above this level could lead to a push towards $0.12-$0.13, according to analysts.
However, momentum has gone flat, with the MACD histogram sitting at zero and no divergence or conviction in the Stochastic indicator.
The Bollinger Band %B is also indicating that price is moving in razor-thin increments, making it difficult to predict a clear direction.
A 4.31% drop in open interest over the past 24 hours suggests that some of the recent price pump may have been due to short covering rather than fresh long conviction.