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Algorand price analysis: Bulls uplift ALGO price levels to $0.494 level after a constant battle

Algorand price analysis: Bulls uplift ALGO price levels to $0.494 level after a constant battle
TL;DR Breakdown
  • Algorand price analysis reveals a bullish trend.
  • Strong support is present at $0.442.
  • Resistance for ALGO/USD is present at $0.584.

The latest Algorand price analysis is leading in a bullish direction. Though the price underwent a decline yesterday and decreased to the $0.459 level as the bears made a comeback after three days of recovery from the bullish side. Before that, bears have been at the lead as a strong downtrend was observed from 8 May to 12 May 2022. Still, the chances are available for the buyers as overall the price has increased today. According to the four hours price analysis, the price is still going up which is good news.

ALGO/USD 1-day price chart: Bulls mark 12 gains as price levels keep recovering

The 1-day Algorand price analysis is predicting a rise in price as the bulls are trying to make recovery after consistent loss. The price has moved up to the $0.494 level today which is encouraging for the buyers as the coin gained 12.49 percent value during the last 24 hours. On the other hand, the past week was highly unfavorable for them as the coin is still at a loss of 21 percent for the past week. The moving average (MA) value is standing on the $0.487 mark, below the current price as the dominating trend for today has been bullish.

algousd 1 day price chart 2022 05 17
ALGO/USD 1-day price chart. Source: Tradingview

The volatility has increased and we can presume that the future trends may be in the bullish direction. The Bollinger band values have shifted as well as now the upper band is positioned at $0.793 representing the resistance, and the lower value has shifted to $0.377. Lastly, the Relative Strength Index (RSI) score has moved up to index 40 as well, which is still a neutral number and the curve of the indicator is still upwards hinting at the buying activity in the market.

Algorand price analysis: Latest developments and further technical indications

The bulls have taken the advantage of the situation as the price increased once again in the last couple of hours. The 4-hours Algorand price analysis shows signs of bullish activity resuming back as the price levels increased to $0.496. The moving average value, on the other side, is trading below the price level, which is present at $0.496 because of the uptrend that has been observed during the last few days.

algousd 4 hour price chart 2022 05 17
ALGO/USD 4-hours price chart. Source: Tradingview

The volatility has been slowly increasing during the past four hours, which is why the Bollinger bands average is now at $0.459. The upper Bollinger band value, on the other hand, is now $0.495 while the lower value is $0.423, the price has shooted past the upper band which is a bullish indication. The RSI score is in the neutral range as the indicator is present at index 55 and the score is still increasing.

Algorand price analysis: Conclusion

The given 1-day as well as the 4-hours Algorand price analysis is predicting that the price has increased due to the bullish up move of today, the price has been uplifted in the last 12 hours which means that there is a strict chance of the bulls continuing their lead in the future. The cryptocurrency price is now at $0.496, which is a comparatively stable position if we compare it to its last week’s standing.

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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