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Algorand price analysis: ALGO prices face strong rejection at the $0.75 mark

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TL;DR: Breakdown

  • Algorand price analysis shows a bullish trend
  • ALGO prices have set key support at the $0.7075 level
  • Algorand prices are currently trading at $0.7373.
Algorand price analysis: ALGO prices face strong rejection at the $0.75 mark 1
Cryptocurrencies prices heatmap, source: Coin360

Today’s Algorand price analysis shows a positive market trend with a strong price rejection seen at the $0.75 mark. There is strong support at the $0.7075 level. Prices have begun gaining traction as the bulls made a comeback following a short period of sideways price movement.

The bulls have come back to set up a strong defense at the $0.7075 level as prices bounced back from this critical support area. The market looks primed to move towards the $0.80 level in the short term if the bulls regain control of prices and push past the $0.75 mark.

Algorand price movement on a 1-day price chart: Bulls make a comeback

On the 1-day price chart, we can see that prices have been in a solid bullish trend as they have made higher highs and higher lows. Prices recently set a new all-time high at the $0.7537 level before meeting rejection and dropping below the $0.75 mark.

The market has formed a bullish trend line, and prices are expected to continue to push higher. The $0.7075 support level needs to hold to keep the positive market sentiment alive. Algorand price analysis shows that a breakdown below the $0.7075 support level could lead to further losses in the ALGO market.

Algorand price analysis: ALGO prices face strong rejection at the $0.75 mark 2
ALGO/USD 1-day price chart, source: TradingView

The RSI indicator is currently above the 50 level, indicating the bulls’ market momentum control. The MACD indicator is also in a bullish trend as prices are trading above the signal line. The moving averages show a bullish crossover as the 20 EMA trades above the 50 EMA.

Algorand price movement on a 4-hour price chart: Key support at $0.7075

On the 4-hour price chart, we see that prices have traded in a sideways range over the past few days. Prices fell from the $0.7537 high to find support at the $0.7075 level. The market has now bounced back and is currently trading at $0.7373.

The key support level to watch is at the $0.7075 level. A breakdown below this level could lead to further losses in prices. The market needs to break above the $0.7500 level to resume the uptrend.

Algorand price analysis: ALGO prices face strong rejection at the $0.75 mark 3
ALGO/USD 4-hour price chart, source: TradingView

The RSI indicator is currently around the 50 level, showing that the market momentum is neutral. The MACD indicator is also in a neutral zone as prices are trading around the signal line. The moving averages are currently in a bullish trend as the 50 EMA is above the 200 EMA on the 4-hour price chart.

Algorand price analysis conclusion

Algorand price analysis shows that the market is in a bullish trend as prices have made higher highs and higher lows. Prices are currently trading at $0.7373 but may need to break above the $0.75 level to resume the uptrend. The key support level to watch is at the $0.7075 level. However, the market may correct lower if there is a breakdown below this level.

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.

joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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