Algorand price analysis: ALGO recovers to $1.70, can the bulls break through?

Algorand price analysis

TL;DR Breakdown

  • Algorand price analysis suggests upwards movement as the bulls dominate the markets.
  • The closest support level lies at $1.6250.
  • ALGO price faces resistance at $1.700 and further above at the $1.7450 mark.

The Algorand price analysis shows that after falling to the $1.50 mark, the bulls quickly rose to defend the support level and initiated a rally that enabled ALGO to recover to the $1.650 mark. Currently, Algorand’s price is approaching the $1.70 mark as the bulls continue to struggle for market dominance. 

The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include LUNA and EGLD recording a 33.32 and a 15.59 percent incline respectively.

Algorand price analysis: Selling pressure high as ALGO falls to $1.800

Algorand price analysis: ALGO recovers to $1.70, can the bulls break through? 1
Technical indicators for ALGO/USDT by Tradingview

Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. However, the indicator’s light color suggests a declining bearish momentum as ALGO recovers towards the $1.70 mark. Currently, the indicator shows low bearish momentum as the MACD expects a bullish crossover in the short-term

The EMAs are currently trading low as the sudden decline in Algorand price analysis destabilized the price action. The 12-EMA is currently moving upwards following the recent recovery by the bulls while the 26-EMA is still moving downwards and is yet to react to the recent movements. As such, the two EMAs can be expected to converge by later today or early tomorrow. 

The RSI is currently neutral and trades close to the mean position at the 50.00 index unit level. At press time, the indicator hovers at 41.74 but shows upwards movement as ALGO continues towards the $1.70 mark. The indicator has fully recovered from yesterday’s lows when it dipped into the oversold region and now shows room for significant movement in either direction. 

The Bollinger Bands are currently wide following the sharp downtrend observed by the Algorand price analysis. The bands observed sharp divergence when the price broke below the band’s lower limit yesterday. While the price has recovered and reentered the region, the bands remain wide accommodating for any volatility in the short term. 

Technical analysis for ALGO/USDT

Overall, the 4-hour Algorand price analysis issues a sell signal with 14 of the 26 major technical indicators showing support to the bears. On the other hand, only two of the indicators support the bulls suggesting that there is little to no buying activity occurring in the markets. Meanwhile, the remaining ten indicators sit on the fence and issue no signals at the time of writing.

The 24-hour Algorand price analysis shares this sentiment and shows 14 indicators in favor of further downwards movement against only three indicators suggesting an upwards price action across the mid-term charts. The analysis reaffirms the bearish dominance over ALGO. At the same time, nine indicators do not support either side of the market. 

What to expect from the Algorand price analysis?

Algorand price analysis: ALGO recovers to $1.70, can the bulls break through? 2
4-hour price chart by Tradingview

The Algorand price analysis shows that after falling below the $1.50 mark, the buyers soon pushed back and did not allow for further downwards movement as the price moved above the $1.60 mark. However, the recovery was not smooth as the bulls faced resistance at the $1.675 mark, and even after crossing that, the bulls struggle to climb above the $1.70 mark. 

Currently, traders should expect the Algorand price analysis to move upwards towards the $1.80 mark as the market momentum turns from bullish to bearish. This suggestion is reinforced by the short-term charts that suggest a bullish takeover as the bulls gather momentum. While the mid-term technical analyses still support the bears, it is just because they are yet to react to the recent price movements.

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.
Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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