Why Algorand rally is unable to break above mid-range resistance

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Over the past couple of days, Algorand [ALGO] has posted gains of nearly 10%. From $0.3 to $0.328, ALGO has moved at the same time Bitcoin bounced from the $20.8k level to reach $23k.

Despite this bounce, Algorand does not have a particularly bullish outlook on the longer timeframe charts. In fact, the coin reached a local resistance level, one that has dismayed the bulls since June. Can a move higher be anticipated?

Source: ALGO/USDT on TradingView

On the 12-hour chart, the formation of a range (pale yellow) from $0.36 to $0.29 can be seen. The mid-point of this range (dotted yellow) lay at $0.327. This mid-range value can be expected to oppose the price movement in either direction.

That is, the mid-range can act as both support and resistance for ALGO based on where it was trading at.

This value had good confluence with a resistance level of $0.3288, a level that acted as support in December 2020.

Long-term Algorand investors must heed the fact that the price was back to 2020 levels. This could temper bullish sentiment. However, the range lows have been respected in the past couple of months and could offer a decent buying opportunity upon a retest.

The 12-hour Relative Strength Index (RSI) was below the neutral 50 mark and appeared to retest it as resistance to highlight bearish momentum.

Source: ALGO/USDT on TradingView

The four-hour chart highlighted the importance of the $0.328 level for ALGO. In early July, it offered some resistance to the bullish advances. Similarly, last week the same mid-range mark opposed selling pressure but eventually succumbed.

What was concerning was