- Algorand price analysis is bearish for today.
- ALGO/USD saw significant volatility again over the past 24 hours.
- Bulls gain momentum on the one hour price chart.
Algorand price analysis: General price overview
The price of Algorand is bearish for today, as the market was unable to move past the $2.20 mark after a rapid climb during the last hours. As a result, we believe that ALGO/USD will retreat and attempt to test the $1.90 support area again.
ON the 5-day ALGO/USD price analysis chart, The RSI was seen hovering towards the overbought region. This suggests that the market has generally been bullish in the past week. The long-term technical indicators show that the bull market that saw its way last month might continue through the year.
The Moving Average indicators show a bullish potential as the short-term indicator crossed above the 200- day Moving Average. The moving average lines consolidated at one point, meaning that the buyers wanted to enter the market.
The entire cryptocurrency heat map is red; This is an indication of the negative market trend. The giant virtual currency (BTC) is trading in the same bear trend. BTC is currently trading at $47.9 despite going past the 50K mark in the early days of the month. ETH is also trading in a severe bear trend so is the Binance coin (BNB). Even though the market has been bearish, some coins have managed to be bullish, Solana has recorded a more than 15 percent price increase in the last few hours, and the bull trend does not seem to be seizing anytime soon. ALGO/USD appears to be reversing the bear trend as buyers control the ALGO/USD pair market.
ALGO/USD 4-hour chart: Bullish trend
On the 4-hour chart, we can see that the Algorand price rejects further upside, suggesting a reversal may be on the way.
ALGO/USD 4-hour chart. Source: TradingView
The Bollinger bands are narrow on the 4- hour price analysis indicating that DOT is experiencing low volatility. ALGO/USD price has crossed below the lower Bollinger band, indicating that the market is negative. The seller’s dominance on the four-hour price analysis chart seems to have wholly outnumbered the bulls, and the bear trend might continue before the daily price analysis chart closes.
The Algorand price has been consolidating in a wide range over the past week. After an incredible rise to $1.05 on September 7th, ALGO/USD began a several-day ascent.
On Monday, the price of Algorand rose once again, with the $2.5 only briefly broken, revealing that bears remain in command. The following decrease to the $2 level was followed by a consolidation period yesterday.
Algorand Price Analysis: Conclusion
On the one-hour Algorand price analysis chart, the buyers seem to be outnumbering the bears. ALGO/USD price has begun an upward momentum that is not likely to be broken soon. We expect ALGO/USD to spike to $5 before Monday.
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