Algorand price analysis: ALGO to retest $2.24 resistance before a new uptrend?

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TL;DR Breakdown

  • Algorand price analysis shows a bullish momentum.
  • Strong support is present at $1.26.
  • Resistance is present at $2.30.

The Algorand price analysis reveals a bullish trend today. The ALGO/USD price level has reached the mark of $2.14 again after getting rejected from $2.30, which is the current resistance. The ALGO gained a value of 1.2 percent during the last 24 hours and has gained a significant value of 66 percent over the past seven days.

Mixed market sentiment was observed for the ALGO/USD pair yesterday during different trading intervals as the price fluctuated from $2.24 down to $1.99.

Today, the ALGO price has been on the rise continuously since the start and has moved up from $1.99 to $2.14 at the time of writing as traders invest in ALGO, and still, there seems to be a quite much leeway for the ALGO bulls.

ALGO/USD 1-day price chart: ALGO moves up from $1.99

The 1-day Algorand price analysis shows a bullish momentum is on the go, and a further price increase is expected in the coming hours as bulls continue their rally. The volatility is also increasing.

ALGO/USD 1-day price chart. Source: Tradingview

The Bollinger bands expansion is entirely on the higher side, with the upper band at $2.22 and the lower band at $0.52, making an average of $1.37. The moving average (MA) is at the $1.73 mark. The relative strength index (RSI) is above the neutral level into the overbought region with a score of 72.

ALGO/USD 4-hours analysis: ALGO to breach past the hourly resistance

The 4-hour Algorand price analysis shows bulls are marching towards the resistance mark of $2.30 as green candlesticks appear on the chart, indicating bullish progress. The ALGO bulls are successfully moving ahead as no bearish activity is noted today.

Algorand price analysis: ALGO to retest $2.24 resistance before a new uptrend? 2
ALGO/USD 4-hours price chart. Source: Tradingview

The volatility is comparatively less than the last few days on the 4-hour chart, which is a good indication for the time being. The upper end of Bollinger bands is at the $2.33 mark, and the lower band is at the $1.86 mark.

The average of Bollinger bands is coming close to the value of $2.10 below the price level. The moving average (MA) is at the $2.09 mark. The relative strength index (RSI) is moving in the upper half of the neutral zone with much more room for bullish practice and shows a number of 58.

Algorand price analysis: ALGO to retest $2.24 resistance before a new uptrend? 3
ALGO/USD technical indicators chart. Source: Tradingview

The technical indicators for Algorand price analysis are mainly bullish today. Out of 26 total indicators available for technical analysis, 15 are on buying side, and only one is on the selling side, and 10 are neutral.
The moving averages are also strongly bullish as indicators are on buying side and only one is on the selling side, and one is neutral. The oscillators also favor the buying option, but most of them are neutral with a count of nine, and two are on the buying side and zero on the selling side.

The important moving averages like MA20 and EMA20 indicate buying signs, while oscillators are mostly neutral, with the main indicator MACD showing a buying sign.

Algorand price analysis: Conclusion

The Algorand price analysis is bullish for today. The ALGO/USD price is still moving higher, and if ALGO crosses the resistance mark, it can be predicted that it will go higher. But as the daily RSI is above the overbought limit, then it can be a correction time but to a limited degree.

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.

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