Algorand price analysis: ALGO rallies high as it nears $2

Algorand price analysis ALGO rallies high as it nears

TL;DR Breakdown

  • The Algorand price analysis is highly bullish today.
  • Strong support for ALGO is present at $1.94.
  • The nearest resistance is found at $2.04.

The Algorand price analysis is bullish for today as the price nears the $2 psychological mark. The current bullish momentum started after the 26th November flash crash as the price function remained upwards since then, but today bulls rallied high from $1.81 to $1.99, breaking past the resistance at $1.82and another resistance at $1.97 as the bullish momentum is quite overwhelming today.

The broader cryptocurrency market observed mixed sentiment today, as at the start of the trading session, some good bullish activity was recorded but bears made a comeback during the second half, and many coins, including Bitcoin, reversed. Many coins went into losses; however, during the last few hours, bulls managed to make an entry, and the market revived again, with Klaytn and Algorand leading the charts with 12 and 10.5 percent gains, respectively.

ALGO/USD 1-day price chart: Bulls to take price above $2

The 1-day Algorand price analysis shows a significant increase in ALGO/USD pair value, as the coin is trading hands at $1.99 at the time of writing. The crypto pair reports a handsome profit in terms of price gain amounting to 10.5 percent over the past day, and the cryptocurrency also reports an increase in price value by 15 percent over the past week. The market cap also increased by 7.44 percent overnight, and the trading volume surged by 40 percent for the same time period.

Algorand price analysis: ALGO rallies high as it nears $2 1
ALGO/USD 1-day price chart. Source: Tradingview

The Bollinger bands expansion shows mild volatility, with the upper band at $2.09 representing resistance for ALGO bulls to overcome, and the lower band at $1.56, making an average of $1.82 representing the support level for the ALGO. The moving average (MA) is at the $1.77 mark below the price level, as the price traveled above MA on 29th November. The relative strength index (RSI) is at a score of 57 on an upwards slope indicating the buying activity in the market.

Algorand price analysis: Recent developments and further technical indications

The 4-hour Algorand price analysis shows the coin is a bit overbought as it continues gaining value today due to buyers overpowering the selling pressure. The price function remained upwards for most of the time, bears intervened just a few hours back, and a small retracement was observed, but bulls gained control again, and the price is moving upwards again.

Algorand price analysis: ALGO rallies high as it nears $2 2
ALGO/USD 4-hours price chart. Source: Tradingview

The volatility is comparatively high for ALGO than the past few days on the 4-hour chart, as the Bollinger bands are expanding. The upper band is at the $1.97 mark, and the lower band is at the $1.60 mark. The average of Bollinger bands is at $1.79, representing support for the coin. The moving average (MA) is at the $1.87 mark. The relative strength index (RSI) is trading in the overbought region at index 74, and the RSI still maintains its upwards curve, hinting at continued buying activity.

Algorand price analysis: Conclusion

The Algorand price analysis is completely on the bullish side, as the coin has rallied high today. The coin is near the $2 psychological mark as the price is fluctuating between $1.97 to $1.99 at the time of writing which gives a hint of selling pressure at this price point. ALGO may retrace a bit before breaking through this crucial resistance. On the other hand, if bullish momentum continues then, ALGO may pass through above $2 in the coming 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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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