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Algorand ALGO Defends Critical $0.23 Support as Pennant Pattern Nears Resolution
Algorand ALGO Defends Critical $0.23 Support as Pennant Pattern Nears Resolution
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[TRADE_PLUGIN]ALGOUSDT,ALGOUSDT[/TRADE_PLUGIN]
Algorand ALGO News -
Algorand's ALGO token is holding steady at $0.24, successfully defending crucial support at $0.23 as traders anticipate a pennant pattern resolution in mid-September. The neutral RSI reading of 44.12 indicates room for potential upside momentum, while recent price action demonstrates resilience following a 6.73% decline on August 29.
Technical analysis shows ALGO trading NEAR Bollinger Band lows, with the converging pennant formation signaling impending volatility expansion. Market participants are actively positioning for an anticipated breakout, as historical patterns suggest such formations typically precede significant price movements in either direction.
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