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Algorand Price Analysis: ALGO unable to breach resistance at $2.1, retracement to follow?

Algorand price analysis

TL;DR Breakdown

  • Algorand price analysis for today is bullish bearish.
  • The current price is at $1.98, below the resistance at $2.1.
  • The bulls got exhausted before breaching the resistance at $2.1.
  • The nearest support level rests at $1.442, which hasn’t been breached.

Algorand price analysis was bullish for most of the time today, with consecutive green candles forming in the four-hour chart. However, a rejection after reaching the resistance at $2.1 made a price crash for Algorand inevitable. There was a possibility that ALGO/USDT pair would breach the resistance, but it wasn’t able to, and as a result, we saw two consecutive red candles on the 4-hour charts.

After rejection from the resistance, we can see that the price is currently at $1.9, which is 40.64 percent low from its all-time high that was created two years ago. At the same time, another interesting fact about this coin is that its market cap rose by almost 65.20 percent with this recent price rally. The trading volume has also increased by 69.58 percent, according to the data provided by Coinmarketcap.

If this trend continues, we might see another huge surge in the price of the coin, but for now, it seems that the price wasn’t able to move up high. Bitcoin, on the other hand, fell from $52K to $46K and is currently at $45K. If the price level is not maintained, we might see BTC crash below 40K. For a long-term overview of Bitcoin and Algorand, you can visit our Price Prediction section.

Algorand price analysis: Today’s price movement is bearish

Algorand investment has proven beneficial for many investors. From 7th September to 9th September, we have seen a surge from $1.2 to $2.2 after a breakout from the resistance present at $1.4. This movement of the cryptocurrency was a historic climb towards its all-time high made two years ago. If Bitcoin prices continue to surge, we might see Algorand continue with an uptrend, breaching further resistances at $2.4 and $2.8.

While Bitcoin is trying to close a candle above the 200-day Moving Average, let us have a look at the important technical indicators. The first are the key Moving Averages on the 4-hour chart. According to our price analysis, the current price of ALGO/USDT is moving above the 100-day and 50-day Moving Average. If the bearish trend continues, we might see the price movement lose one of the key levels.

Further Algorand price analysis reveals that after breaking down from the upper end of the Bollinger Bands and an immediate expansion, a series of red candles brought the action slightly lower from that region.

Algorand price analysis
Algorand price analysis on the chart by TradingView

Algorand price analysis using the RSI indicator reveals a reading of 72. This shows that the price action is in the overbought zone and that if you have bought the cryptocurrency, now could be the best time to sell. The gradient is neutral for now, but it could turn positive if bulls take over.

The MACD indicator shows that the MACD line (the blue one) crossed over the signal line (the orange one), leading to a bullish crossover in the 4-hour chart. This means that further higher prices are possibly indicated by the green bars in the histogram below.

Algorand Price Analysis: ALGO unable to breach resistance at $2.1, retracement to follow? 1
Algorand price analysis on the chart by TradingView

Algorand Price Analysis: Conclusion

For the short term, we can expect higher prices from AGLO if the support at $1.2 holds and the resistance at $2.1 is broken and converted into a support zone. This will confirm the uptrend, and in this case, the price will try to break the resistance at $2.4 and $2.8 levels. For the long term, we can expect the price action to continue in a bearish trend.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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