ALGO Price Prediction: Are Bulls Ready to Top Supply Zone $0.20?

• 1 ALGO price showed a range breakout above $0.170.
• 2 ALGO price is trading closer to the supply zone of $0.200.

ALGO price surpassed the 200-day EMA barrier and rebounded from the demand zone of $0.0890. Algorand is a next-gen blockchain known as “Blockchain 3.0” for its innovative use of Randomness to solve the blockchain trilemma, ensuring security, scalability, and decentralization. Algorand price rose over 90% and recuperated from the 50 day EMA in the past few trading sessions.

ALGO price transcended the key moving averages and is steering toward the supply zone of $0.2500. In yesterday’s trading session, a bullish candlestick with a rejection wick was noted near $0.2200, which is a strong resistance mark. Additionally, profit booking was noted instead of follow-on buying, and the ALGO price stopped after a sharp buying action in the recent sessions.

The live price of Algorand crypto is $0.197, with an intraday gain of 0.20%, showing neutrality on the chart. Moreover, the trading volume increased by 18.62% to $347.97 Million. However, the pair of ALGO/BTC is at 0.00000454 BTC, and the market cap is $1.60 Billion. Analysts have maintained a buy rating and suggest a growth outlook for the upcoming sessions.

Will ALGO Price Sustain Above the $0.2000 Mark?

Source: ALGO Price Chart by TradingView

On the daily chart, ALGO price witnessed an astute reversal from the bottom zone of $0.0890 and rolled over into bullish territory over the past few sessions. Clearly, the ALGO crypto chart is displaying intense buying momentum and impressive bullish action, revealing strong investor interest.

The RSI curve stayed in the overbought zone above 75, signaling a positive crossover. However, the RSI would need a retracement to renew the buying action. The MACD indicator shows a bullish crossover and green bars on the histogram, suggesting a favorable bullish outlook for the upcoming sessions.

Weekly Charts Shows Double Bottom Formation

Source: ALGO Price Chart by TradingView

On the weekly chart, ALGO price furnishes a double bottom pattern and is made a base near $0.0890. Afterward, ALGO composed the gains and glimpsed a slow & steady recovery in the recent sessions. Per the Fibonacci retracement zone, ALGO price sustained the gains above the 50% Fib zone and is heading for the 61.8% Fib zone.

Summary

ALGO price has overtaken the trajectory hurdle of $0.1800 and owned the bullish territory zone near $0.2000. However, the buying momentum is up a notch. In yesterday’s trading session mild profit booking was witnessed. Both the RSI and MACD produced a positive crossover.

Technical Levels

Support Levels: $0.1900 and $0.1800

Resistance Levels: $0.2000 and $0.2200

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.

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