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Algorand price analysis: ALGO/USD hikes for $1.48

ALGO

TL;DR Breakdown

  • Algorand price analysis is bullish today.
  • Strongest resistance is present at $$1.83.
  • Strong support is available at $1.33.

Algorand price analysis is bullish today as the ALGO/USD price exceeds the $1.44 mark again and as the currency gained stronger support and refused to fall below the $1.35 mark. After today’s decline to the $1.43 mark, the bullish momentum has been maintained. As a result, ALGO reports an increase in price value by 3.25 percent during the last 24 hours but is at a loss of 16.01% over the past seven days. The cryptocurrency has been suffering fluctuation for the last 24-hours but appears to have attained stability for now. The price is likely to increase.

ALGO/USD 4-hours analysis: Latest developments

The Algorand 4-hour price analysis shows the currency activity as the bears have recovered after 3 hours of bullish momentum, indicating a bearish development. Trading pressure negates as selling activity starts to outweigh the buying activity. The upper limit of the Bollinger’s band is available at $1.51, which serves as the strongest resistance for ALGO. The lower limit of the Bollinger’s band is present at $1.33, which serves as the strongest support for ALGO.

ALGO/USD has just recently crossed under the curve of the Moving Average, signifying a bearish trend. The price appears to continue downwards but will be stopped by the strong support at $1.33. Further devaluation is expected.

Algorand price analysis: ALGO/USD hikes for $1.48 1
ALGO/USD 4-hours price chart source: Trading view

The volatility appears to have increased compared to the past few days, making the cryptocurrency values subject to fluctuations more vulnerable to variable change. The relative strength index (RSI) is moving upwards in the upper half of the neutral zone with much more room for further bullish practice, indicating the buying activity exceeding the selling activity. The RSI score is 52, sure to increase more.

Algorand Price Analysis for 1-day: ALGO remains bullish

The Algorand price analysis shows weak bullish momentum, but slight price increases are expected in the coming hours as the bulls continue their reign. However, some trading pressure is also expected at the current price level of $1.46 due to great fluctuations of the trends. The upper limit of the Bollinger’s band exists at $1.81, which serves as the strongest resistance for ALGO. The lower limit of the Bollinger’s band is present at $1.31, which serves as the strongest support for ALGO.

ALGO/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish movement. The price has just entered the bullish zone and is likely to maintain it, according to the data given on the charts. The volatility follows a quiet movement, causing the cryptocurrencys’ price to not move to any extreme.

Algorand price analysis: ALGO/USD hikes for $1.48 2
ALGO/USD 1-day price analysis chart source: Trading view

The Algorand price analysis revealed the Relative Strength Index (RSI) trading on a downwards curve at index 46, hinting at the cryptocurrency moving towards devaluation. The RSI score decreases as the selling activity outweighs the buying activity.

Algorand Price Analysis Conclusion

The Algorand price analysis is bullish for today. The ALGO/USD are currently trying to maintain a bullish trend after the bears took over for a short while. The bulls returned to the battlefield and are likely to dominate it, and the analysis indicates an increment in the ALGO/USD value.

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.

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