•ALGO/USD is currently priced at $0.35 and has increased by 4.13% over the past day
•The technical indicators suggest a positive outlook for the altcoin
•The trading volumes have decreased by 1.42% over the past day
Short Term View: ALGO bulls gain ascendancy in the market
The Algorand price today is $0.354504 USD with a 24-hour trading volume of $105,628,012 USD. Algorand is up 4.13% in the last 24 hours. Traders have directed reduced volume towards the altcoin as profit booking occurred during the past day which resulted in the cost giving a pullback from the support zone. The Volume to Market Cap Ratio, on the other hand, stands at 0.04289 for the altcoin.
The support for ALGO resides at $0.30 in the event of a false breakout. The downtrend, however, appears to be pretty unlikely as the asset is poised to surpass the resistance very soon. The asset is hovering along the uptrend line and looks to eventually range high and hit the local resistance levels around $0.40. Algorand is currently transacting above the 20,50 SMA, indicating the buying strength of the market. The presence of the golden cross on the four-hour chart also lays waste to the bears’ plans of halting the altcoin’s charge.
Long Term View for Algorand
The RSI indicator for ALGO hovers at 58.84 index units showing slight bullish dominance at the current time. The indicator’s position leaves room for sharp movement in either direction. MACD is currently bullish as expressed in the green color of the histogram. Furthermore, the MACD line has ventured into positive territory, with the signal line about to follow suit as a result of today’s price action.
Conclusion
The ALGO price analysis reaffirms the bullish dominance while the market sentiment is also bullish, piling further misery on the bears. Thus, we are likely to see the continuation of the bullish momentum in Algorand.
Support: $0.30-$0.25
Resistance: $0.40-$0.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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