ALGO was in a bearish trend at the start of the week. However, bulls took control of the market at the end of yesterday’s price analysis chart, sending prices upwards in rising wedge streaks. The upswing in momentum continued into today’sAlgorand price analysis chart. Today’s price analysis features a brief positive trend that lasts only 30 minutes before plummeting drastically.
The sellers could not keep track while the market moved in a negative direction, so they assembled in large numbers and created a pool of energy that kept the bearish trend from gaining momentum after it broke support at $1.8. Since then, the market has traded modestly as the number of buyers and sellers has been nearly equal.
The most famous cryptocurrency, Bitcoin, has been trading positively since the early trading hours. Bitcoin is currently valued at $44K, a surge by more than 4 percent above yesterday’s price. ETH appears to be on track for $3.5K; Ether is presently valued at $3.1K. Other altcoins trade in the same bull trend. The meme coin trades at $0.3, a 10 percent increase, Cardano (ADA) trades at $2.8 with a more than 3 percent increase.
The Algorand price is slowly recovering from its recent losses as bulls look to reclaim some of the losses incurred over the past few days.
The Algorand price action has seen solid bearish pressure over the past weeks. After a strong rally at the beginning of the month, ALGO/USD found a new swing high at $2.5.
From there, ALGO set another slightly higher high and started to consolidate in an increasingly tighter range above the $1.90 support. On Monday, the Algorand price action spiked lower again, this time reaching the $1.50 support level.
The support was retested again over the following 24 hours, resulting in a consolidation being slowly established. Overall this price action development could lead ALGO/USD towards more upside later this week as bulls look to return above the $1.90 previous significant support, which now could act as a resistance.
The MACD line has crossed over the red line during the four-hour trading session; this suggests that the market is expected to be bullish in the coming trading sessions. Therefore, we expect ALGO/USD to turn bullish over the rest of the week and look to return back above the $1.90 resistance.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on September 23, 2021 7:43 am
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