Algorand price analysis: Bulls try to uplift ALGO price at the $0.700 level. Resistance ahead?

Algorand price analysis: Bulls try to uplift ALGO price at the $0.700 level. Resistance ahead?
TL;DR Breakdown
  • Algorand price analysis shows bullish signs.
  • Strong support is present at $0.670.
  • Resistance for ALGO/USD is present at $0.715.

The Algorand price analysis is bullish for today as the price has increased up to the $0.700 range after recovering at a much faster pace yesterday as well. Earlier the coin was on recovery from 1 May 2022, but the price levels crashed on 5 May 2022 when the price stooped down to $0.632, but yesterday, the trend changed, and bulls made enough recovery to come out of the bearish pressure, and they are continuing their lead for today as well. The next resistance for ALGO is present at $0.715, which is the exact point from where the coin price crashed previously.

ALGO/USD 1-day price chart: recovery slows down as price reaches near the resistance zone

The 1-day Algorand price analysis shows a bullish price action at large, but bearish pressure is also there, as the market is showing mixed sentiment. The price has been uplifted to $0.700, as the coin has gained 7.14 percent value during the last 24 hours. At the same time, the coin reports an increase in value by 10.94 percent over the course of the last seven days as bulls were in the lead previously. The trading volume has also increased by 7.31 percent, which has resulted in the market dominance of 0.29 percent.

ALGOUSD 1 day price chart 2022 05 07
ALGO/USD 1-day price chart. Source: Tradingview

The moving average (MA) is at the $0.649 mark below the SMA 50 level. The volatility is on the higher side as the Bollinger bands maintain the distance, with the upper band at the $0.780 mark representing the strongest resistance and the lower band at the $0.565 mark representing the strongest support for ALGO. The average of the indicator is forming at $0.682 below the price level. The relative strength index (RSI) shows sideways movement as it is trading on a horizontal line at index 49, almost at the center of the neutral zone, hinting at a lack of momentum from both sides of the market.

ALGO/USD 4-hours analysis: Latest developments and further technical indications

The 4-hour Algorand price analysis shows the coin price recovery has slowed down today after the appearance of bearish resistance at the end of the previous trading session, which also continued up till today. In today’s 12 hours of market trade, price action was in a bullish direction for only four hours, but those four hours changed the trend in favor of bulls. However, the price is correcting down at the time of writing as it has stepped down to $0.700 again. The moving average (MA) is trading at $0.676, as it just crossed over the Bollinger bands mean average line.

ALOUSD 4 hour price chart 2022 05 07
ALGO/USD 4-hours price chart. Source: Tradingview

The volatility is increasing on the 4-hour chart, as the upper limit of Bollinger bands is at the $0.737 mark, and the lower band is at the $0.615 mark. The relative strength index (RSI) is trading in the upper half of the neutral zone, but the movement is towards the downside again at index 56, hinting at the selling pressure.

Algorand price analysis: Conclusion

The Algorand price analysis has been in the bullish direction up till now. However, the ALGO/USD is correcting again right now after selling pressure buildup. Cryptocurrency may continue correcting for the coming hours as the support is still further below at $0.670, and Chances for a trend change are also there as most of the technical indicators for the cryptocurrency are in favor of the sellers’ side.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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