The price of Algorand is now in a strong position, as a major advance was made during the previous 24 hours, and the prior resistance at $1.90 was shattered in an obvious manner. As a result, we anticipate ALGO/USD to rise later today, most likely after a retest of the $1.90 support level, as it will be a crucial area for price action to overcome. The break of the $1.90 resistance will have opened the doors for further advance and should yield a rise to at least $2 within the next day or two if this support level is successfully revisited by a bullish market.
The chart below illustrates that ALGO/USD is now in a dominant bullish configuration. A break of the $1.90 support will be considered an act of confirmation to advance further, and ALGO/USD looks set to rise.
Currently, ALGO/USD pair is trading in a range of $1.77-$1.969, suggesting significant volatility over the past 24 hours. Volume has increased by 91.11 percent and stands at $1.24 billion. The market capitalization is around $11.9 billion, placing the cryptocurrency 16th on the list of the largest cryptos.
The daily chart below illustrates that ALGO/USD is now trading along with the 100-day moving average, providing additional support to price actions during this intraday period or more prolonged. The 100-day MA is offering resistance at the moment, so the market will need to overcome this level before setting its sight on any significant targets.
For weeks, Algorand’s price action has been confined to a firm bearish trend. After making a decent below the $1.90 barrier, support was found above $1.50 on September 20th.
The chart above illustrates that the RSI indicator has entered into extreme overbought territory, reflecting that the market mood is extremely bullish now, with the increased likelihood that Algorand will resume upward momentum in the short term.
A retest of the $1.90 support will be considered as an act of confirmation for further advance, and ALGO/USD looks set to rise.
Algorand has performed well overnight; currently, traders should consider this market a prime pick for long-term investments.
Algorand has been flying high recently, and it appears that this cryptocurrency is set to continue its upward trend throughout the short term. The $1.90 resistance has been broken, which suggests that Algorand will probably test or break the 100-day EMA at $2.10 later today, as such a move would help ALGO/USD to break into the $2.30 range within 24 hours.
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 October 7, 2021 5:23 am
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