Algorand price analysis: ALGO prices surge to highs of $0.9634 as bulls target the $1.0 level

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TL;DR Breakdown

  • Algorand price analysis shows a bullish trend for today
  • ALGO prices are facing resistance at $1.0
  • Algorand prices have increased by 6.82 percent
Algorand price analysis: ALGO prices surge to highs of $0.9634 as bulls target the $1.0 level 1
Cryptocurrencies prices heatmap, source: Coin360

The Algorand price analysis for today reveals that ALGO prices opened the daily market trading as high as $$0.9634 and the bulls are still holding at this price as firm support has been seen at the $0.9000 level. The market is trading in a bullish trend as the prices are presently challenging the $1.0 resistance level. The altcoin has seen some significant increase overall, with prices surging by 6.82 percent in the last 24 hours while the trading volume has increased by 58.33 percent, currently sitting at $237,659,374.10.

The bullish trend is likely to continue as long as the market can hold above the $0.9000 support level. The bulls have, however, staged an impressive comeback and are currently targeting the resistance at $1.0.ALGO prices have been hovering around a range of $0.80 to $0.90 for a while now, with the bulls and the bears both trying to establish dominance. The market is likely to see some volatility in the near term as the prices are currently at a critical juncture. A break below the $0.9000 level will invalidate the bullish trend and can see prices retrace to levels of $0.7500.

Algorand price action in the last 24 hours: ALGO prices likely to break the $1.0 level

The Algorand price analysis for the day shows that the market opened at a high of $0.9634 and is currently trading around the $0.9500 level. The altcoin has seen some volatile trading in the last 24 hours as prices have fluctuated between the highs of $0.9634 and the lows of $0.9310. The market is presently facing some resistance at the $1.0 level and a break above this level will see prices target the next level of resistance at $1.05.The 50-day simple moving average is presently providing some support to the market at the $0.9300 level and a break below this level will see prices retrace to levels of $0.9000.

Algorand price analysis: ALGO prices surge to highs of $0.9634 as bulls target the $1.0 level 2
ALGO/USD 1-day price chart, source: TradingView

The technical indicators on the 1-day price chart show that the market sentiment is headed towards the upper side as the MACD line is above the signal line while the RSI indicator is also trading in the overbought territory. The RSI line is currently located at the $70.00 level, indicating that the market has some room to move higher in the near term.ALGO’s increasing buying pressure has been attributed to the recent price surge while the market volatility has been on the rise in recent days. The market is likely to see some more volatile trading in the near term as the Bollinger bands have started to expand.

Algorand price analysis on a 4-hours price chart: ALGO/USD 4-hour: ALGO prices break out of the descending triangle

The Algorand price analysis on the 4-hours price chart indicates some bullishness in the market as prices have broken out of the descending triangle pattern. The altcoin is currently trading above the $0.9500 level and a break above the $1.0 level will see prices target the next level of resistance at $1.05.The upper band of the Bollinger bands has started to expand, indicating that the market is in a state of increased volatility. The RSI line is currently located at the $66.00 level and is heading towards the overbought territory while the MACD line has crossed above the signal line.

Algorand price analysis: ALGO prices surge to highs of $0.9634 as bulls target the $1.0 level 3
ALGO/USD 4-hours price chart, source: TradingView

The breakout from the descending triangle pattern indicates that the bulls are in control of the market and a move toward the $1.05 level is likely in the near term. The market is expected to see some volatile trading in the next few days as the prices are at a critical juncture. Moreover, the Parabolic SAR dots have started to appear below the price candles, indicating a possible bullish reversal in the market.

Algorand price analysis conclusion

ALGO prices are expected to target the $1.05 level in the near term as the bulls take control of the market. The market is likely to see some volatile trading in the next few days as the price surge upwards in support of the bullish trend. The technical indicators are all signaling a possible bullish reversal in the market and the prices are expected to continue to rise towards the $1.15 level in the medium-term. However, a move below the $0.9300 level will invalidate the bullish trend and can see prices retrace to levels of $0.9000 in the short term.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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