Algorand price analysis: ALGO prices near the key resistance of $0.7387, a breakout expected?

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TL;DR Breakdown

  • Algorand price analysis shows a bullish trend
  • Support for ALGO prices is seen at $0.717
  • Algorand prices have seen major resistance at $0.7387
Algorand price analysis: ALGO prices near the key resistance of $0.7387, a breakout expected? 1
Cryptocurrencies prices heatmap, source: Coin360

Algorand prices have continued to move in a sideways pattern and are currently trading very close to the key resistance at $0.7387. A breakout above this level could see prices move higher towards the $0.76 mark while a failure to do so could mean a retest of support levels at $0.717.The bears seem to be exhausted as the prices trade close to the key resistance. The bulls will attempt to push prices above this level and if successful, we could see a move towards the $0.76 mark. On the other hand, if prices fail to break out above the resistance, we could see a retest of support levels at $0.717.

Algorand price movement in the last 24 hours: Bulls win the battle

Algorand prices have been on a roller coaster ride over the past 24 hours as the bulls and the bears battle it out. Prices started the day off on a bearish note as they fell to an intraday low of $0.7203 but the bulls quickly took control and pushed prices back up. Prices peaked at an intraday high of $0.7387 but have since pulled back and are currently trading at $0.7317.

The Algorand price analysis shows ALGO prices have seen a slight increase of 0.16 percent over the last 24 hours and are currently trading at $0.7277 The market capitalization currently stands at $1,021,290,291 with a 24-hour trading volume of $351,693,924.ALGO coin is ranking position 31 as it dominates 0.26 percent of the entire digital assets market.

Algorand price analysis: ALGO prices near the key resistance of $0.7387, a breakout expected? 2
ALGO/USD 1-day price chart, source: TradingView

The technical indicators for ALGO prices are revealing an indecisive market as the MACD shows prices are trading in a neutral zone while the RSI is close to the 50 level, which indicates that prices could see a breakout in either direction. The EMAs are also close to each other, which is another sign of an indecisive market.

Algorand price analysis on a 4-hour price chart: ALGO prices consolidate

Algorand prices have been consolidating over the past few days and are currently trading between the $0.717 and $0.7387 levels. A breakout above or below these levels could see prices move in that direction while a failure to do so could mean we remain in this sideways range-bound market.

The Algorand price analysis on the 4-hour chart shows that prices are currently trading very close to the key resistance at $0.7387. A breakout above this level could see prices move higher towards the $0.76 mark while a failure to do so could mean a retest of support levels at $0.717.

The technical indicators are also signaling a consolidation phase as the MACD is close to the 0 levels while the RSI is trading in the neutral territory. The EMAs are close to each other, which is another sign of an indecisive market.

Algorand price analysis: ALGO prices near the key resistance of $0.7387, a breakout expected? 3
ALGO/USD 4-hour price chart, source: TradingView

Algorand price analysis conclusion

Algorand prices have continued to move in a sideways pattern and are currently trading very close to the key resistance at $0.7387. Bears and bulls have been battling it out over the past few days but neither has been able to gain a clear advantage. A breakout above or below the current levels could see prices move in that direction while a failure to do so could mean we remain in this sideways range-bound market.

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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