Algorand Price Prediction: Will Upward Momentum Persist?

The Algorand is currently in the bullish trend; the upward momentum of the coin might surge it towards the resistance. The bulls are now dominating the market of ALGO, After a long roller coaster ride now ALGO is maintaining the upward curve over the daily price chart.

The ALGO is trading at $0.227 with a gain of 0.40% during the last intraday trading session. The pair of ALGO/BTC is trading at 0.000007496 BTC with an incline of 1.37% in the last 24 hours. The ongoing bullish trend might take the price to the primary resistance of $0.236 and it may reach the secondary resistance of $0.290.

As previously the sellers might attempt to bring the downward curve. The coin might lose its potential and the price may drop up to the primary support of $0.188 and it may also drop up to the secondary support of $0.163 but now the coin is following the upward curve.

Source: ALGO/USD by TradingView

The volume of the ALGO has inclined by 10.51% in the last 24 hours. The increase in the volume indicates that the short-selling pressure over the coin is decreasing. The sellers are losing their grip over the coin. The volume-to-market cap ratio is 0.0483.

The Technical Analysis of ALGO

Source: ALGO/USD by TradingView

The technical indicator shows the following: The Relative Strength Index may move toward the overbought zone. The average RSI is 50.42, and the RSI is in the oversold region at 55.27. Positive crossover resulted from the intersection of the MACD and MACD signal. The price of the coin is above 20 and 50 days of EMA and is lagging behind 100 and 200 days of the Daily moving average. Investors in ALGO are watching the chart closely for any directional movement.

Conclusion

The ALGO cryptocurrency is currently experiencing a bullish trend and may reach the primary resistance level of $0.236 and the secondary resistance level of $0.290. The coin’s upward momentum is supported by an increase in volume and positive technical indicators such as the MACD and RSI. The ALGO is trading at $0.2278 with a gain of 0.40% during the last intraday trading session.

Technical Levels

Support Levels: $0.188 and $0.168

Resistance Levels: $ 0.236 and $0.290

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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