TL;DR Breakdown
- Algorand price analysis is bearish at the time of writing, down by 1.3%.
- ALGO/USDT price found resistance at $1.948, which still remains unbroken.
- The nearest support for the trading pair lies at $1.866, with major support at $1.81.
Algorand price analysis is bearish for today as the bulls seem to have taken rest for the time being. If the price action turns bullish in the short term, we might expect the nearest resistance at $1.948 to break. Another resistance is at $1.97, while 2.087 USD is the following resistance.
Algorand data from CoinmarketCap shows a drop in the market cap of the coin by 3.06%, standing at 11.5 billion USD. The trading volumes have dropped by 26.46%, which currently stands at 475 million USD.
Bitcoin is trending sideways today on the 4-hour chart, showing signs of decreased volatility. If bulls take charge, the next goal for the coin remains at the 55K resistance.
Algorand price movement in recent days
Algorand has been trading with huge volumes in these recent weeks. After acquiring a bullish outlook in August, ALGO/USDT pair rose by 32.6%, followed by a 46.16% surge in the month of September. The prices are already up by more than 15% in October.
Algorand price analysis in the past few days has been quite bullish. The price action began the month of October with an 8.99% surge in prices. Furthermore, the prices rose by more than 12% on 3rd October, with a 4.19% surge on 7th October.
Algorand price analysis: Technical indicators are turning bearish
The technical indicators on the 4-hour chart show that the price movement is turning bearish. The price movement is currently breaking below the 50-day Moving Average, indicating a bearish scenario.
Furthermore, the price movement is moving from the upper end of the Bollinger Bands down towards the 100-day Moving Averages that will act as support. If this support fails, we will experience lower prices.
The Algorand price analysis on the 4-hour chart by TradingView suggests that the RSI levels are now turning bearish. The gradient is negative for the line as the bearish indicator takes a value below 50.
The MACD line has broken below the signal line, represented by the blue and red lines on the 4-hour chart below. Further analysis shows that the MACD histogram is turning red, i.e., the selling pressure is increasing.
Algorand price analysis: Conclusion
The conclusion for our Algorand price analysis is bearish for the short term, and with the sudden bullish momentum acquired by Bitcoin, it can be said that the ALGO/USDT trading pair will remain bullish in the longer run.
On 7th October, Algorand Foundation made the announcement for ACE
We’re excited to launch the Algorand Centres of Excellence programme! ACE is a university engagement initiative that strives to make a long-lasting, positive impact in the blockchain and cryptocurrency space
Algorand Foundation
[the_ad_placement id=”writers”]
