Algorand price analysis: ALGO to remain in correction phase above $1.75
TL;DR Breakdown
- The Algorand price analysis is bearish today.
- Strong support for ALGO is present at $1.8.
- The resistance is found at $2.
The Algorand price analysis shows that the ALGO/USD is correcting today. A decrease in price has been observed as bears are ruling the charts today. ALGO remained bullish for the last four days, and the price uplifted during that time but to a limited extent. Overall, ALGO has been following a wave pattern for more than a month and has been unable to break above the $2.3 level. Only one high swing was observed during the past weeks when ALGO went as high as $2.05 on 25th October, followed by a reversal of the same even higher magnitude when ALGO stooped down to $1.79 on 27th October. Since then, the price oscillation has been small.
ALGO/USD 1-day price chart: Bears leading the charts
The 1-day price chart for Algorand price analysis shows that the price has been depreciating today as ALGO/USD pair is trading hands at $1.88 at the time of writing. ALGO/USD has lost a value of 1.6 percent over the last 24 hours, but ALGO still reports gains of 1.9 percent over the past week due to the bullish momentum the past few days. The trading volume is still on the upside with an increase of 38 percent, but the market cap has suffered by 1.3 percent over the past 24 hours.
The volatility is mild for the ALGO/USD pair, with the upper Bollinger band at $2.01 representing resistance for the ALGO and the lower band at $1.67, making an average at $1.84, which represents support for the crypto pair. The moving average (MA) is trading below the price level at $1.85.
The relative strength index (RSI) is trading in the neutral zone at index 52. But the RSI has taken a downslope today, indicating more selling activity in the market.
Algorand price analysis: Recent developments and further technical indications
The 4-hour Algorand price analysis shows that price has been falling from the start of the day, with more steep degradation observed during the starting eight hours. During the recent 4-hours the downfall has been rejected from the bullish side and a little recovery has been observed as the last candlestick is green, indicating a bullish return.
The RSI has taken an upwards curve after falling steeply, indicating buyers’ entrance into the market. The RSI is currently present at index 50 on the centerline of the neutral zone. The volatility is also limiting slowly on the 4-hour chart as the Bollinger bands show slight convergence.
As the Algorand has been bullish for the past few days, the technical indicators for Algorand price analysis are still on the bullish side, with 15 indicators suggesting buying of Algo assets and only four technical indicators suggesting selling off of Algo assets. However, seven technical indicators stand neutral and do not favor either side of the market.
Algorand price analysis: Conclusion
The Algorand price analysis suggests that the cryptocurrency is in bearish mode today, but chances are appearing for some recovery as the RSI curve on the 4-hour chart is suggesting, and we might observe a reversal in trend in the coming hours. However, to break out of the current price envelope, the Algorand needs more consolidation from the bullish side.
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