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Algorand price analysis: Bullish swing results in price climbing above $1.7

Algorand price analysis Bullish swing results in price climbing above

TL;DR Breakdown

  • The Algorand price analysis is bullish today.
  • Strong support for ALGO is present at $1.8.
  • The resistance is found at $1.66.

The latest Algorand price analysis confirms that a bullish trend has been dominating the charts for the past few days. A rise in price has been observed in the last 24 hours as well, which is quite encouraging for the buyers. The price has been uplifted to the $1.73 level, as the bulls have been successfully maintaining the upwards trend line. Although the price has experienced a downfall this week as well as a strong correction was also observed yesterday, but today’s trend has been bullish again.

ALGO/USD 1-day price chart: Bullish rally takes the price up to $1.7

The 1-day price chart for Algorand price analysis shows that the price has been appreciating today as ALGO/USD pair is trading hands at $1.73 at the time of writing. ALGO/USD has gained a value of 1.33 percent over the last 24 hours, and ALGO reports gains of 18.71 percent over the past week due to the bullish momentum. The trading volume is still on the downside with a decrease of 33.62 percent, but the market cap has increased by 2.42 percent over the past 24 hours.

Algorand price analysis: Bullish swing results in price climbing above $1.7 1
ALGO/USD 1-day price chart. Source: TradingView

The moving average (MA) value in the one-day price chart is at the $1.67 level. At the same time, the Bollinger bands average is maintained at $1.55, while the upper Bollinger band is touching $1.86 point and the lower Bollinger band is touching $1.24 point. The Relative Strength Index (RSI) score has improved up to index 53.

Algorand price analysis: Recent developments and further technical indications

The four hours Algorand price analysis is showings signs of a bearish trend, as the price has dropped down significantly. The reversal in trends was quite unexpected, as the bulls were leading the price chart earlier. Nonetheless, a downward trend has been observed in the last four hours, as the price has moved down to the $1.74 level after swinging as high as $1.79. The price is going down towards the moving average value, i.e., $1.73, as a result of the recent bearish pressure.

Algorand price analysis: Bullish swing results in price climbing above $1.7 2
ALGO/USD 4-hours price chart. Source: TradingView

The volatility is comparatively high, with the upper Bollinger band value for the four hours price chart is at $1.87, where the lower Bollinger band value is at $1.62. The RSI score is in the neutral zone but on a downwards curve, at index 52, indicating the selling pressure that erupted recently.

Algorand price analysis conclusion

The one-day and four hours Algorand price analysis shows that the market has followed an upward trend for the day. The price improved considerably but is now touching the $1.74 mark as a drop in price was detected in the last four hours. However, we expect ALGO to close in green after correcting for some time more.

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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