- The Algorand price analysis is bullish today.
- Strong support for ALGO is present at $1.88.
- The nearest resistance is found at $1.95.
The Algorand price analysis reveals ALGO/USD is in bullish mode. ALGO price breakup was upwards today, and bulls covered a good range by moving the price function upwards till $1.94 from $1.88. overall during the last week, the ALGO/USD pair price managed to move in the upper price envelope, as the price trend line for this specific period of time is upwards. In the broader prospect during the last month, ALGO enjoyed an all-time high swing, and since then, a zigzag price pattern has been observed. However, the current price channel is quite higher than that of the before ATH.
Overall ALGO/USD pair gained a value of more than seven percent over the last 24 hours, and ALGO has gained a value of more than 22 percent over the course of the last seven days. In contrast, the trading volume has been down by 4.8 percent during the last 24 hours.
ALGO/USD 1-day price chart: Bulls leading the charts
The 1-day price chart for Algorand price analysis shows an increase in the cryptocurrency value as the ALGO price floats at $1.94 at the time of writing. The bulls have successfully continued their lead. A sharp decline in the price value was observed on the 6th October, but during the last two days, ALGO bulls have recovered the loss and have leveled up the price value again.
The volatility is decreasing, which is a sign of limiting price fluctuations; as can be seen, the Bollinger bands are narrowing down, with the upper band at the $2.07 mark and the lower band at the $1.51 mark. The price value is trading near the upper band, indicating the bullish trend.
The relative strength index (RSI) is neutral but at a good value of 56, in the upper half of the neutral zone, on an upwards curve. The RSI has remained above the center of the neutral zone since 30th September but has never been observed near the overbought mark. However, the indicator suggests interest from traders in the buying of the ALGO assets.
The MACD oscillator indicator has observed a bullish crossover today, as the histogram turned green today, but the size of the bar is smaller, and the same event was observed on 5th October, when the histogram turned green but soon reverted back to the bearish side. The indictor though is on the bullish side today but still shows an undecided trend yet.
Algorand price analysis: Recent developments and further technical indications
The 4-hour price chart for Algorand price analysis shows hindrance from the bearish side as the last candlestick has turned red on the chart; this indicates selling pressure kicking in. As can be seen, the preceding candlesticks are mostly green, indicating a continuous bullish momentum for 16 hours, and as we know, the nearest resistance is also present at $1.95. The current obstruction was expected, but ALGO is expected to move past this obstacle in the coming hours.
The volatility is high on the 4-hour chart, and the mean line of the Bollinger bands is below the price level, and the distance of the upper and the lower limits of the Bollinger bands show ample space for the price function to move in any direction. The RSI has taken a downturn in recent hours, indicating selling pressure at this point.
The moving average (MA) is far below the price level at the value of $1.87, The short-term and the mid-term moving averages (MA) and the exponential moving averages (EMA) all support the bullish side and indicate signs for buying of the ALGO/USD assets.
Algorand price analysis: Conclusion
The ALGO/USD price charts and technical indications authenticate the bullish momentum. The mid-term and the short-term indications all support the buying decisions of ALGO/USD. The price is floating in the upper price envelope, and traders may expect the ALGO/USD will breach past the current resistance of $1.95, eyeing the next target at $1.98.
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