- Algorand crypto price stays bullish on the hourly chart with minor inconvenience during the intraday session
- ALGO token’s CMP has managed to perform 6.45% better than last month, but with a decrement of 8.74% in yesterday’s closing price
- The current intraday rally may provide a good buying opportunity for the long term, as per the oscillators later in the article
Algorand’s price action throws mixed signals at buyers after a rally of ups and downs after entering 2022. The ALGO/BTC pair suffers from an intraday loss of 6.73%, followed by the ALGO/ETH pair’s decrement of 4.7% during the intraday session. With a current market rank of 21, the token’s market cap saw a drop of 13.2% during the intraday session. The 24-hour trading volume continues to stay up by 14.2%. The volume to market cap ratio comes out to be 0.07365.
The hourly chart of ALGO over a month shows the overall bullish tendency, with a couple of setbacks on the way right after getting local breakouts. The same may have happened because of rising and fall in demand, thus the price regulation. ALGO’s trend lines over the token arrange to ascend order to indicate the ongoing bullish ascent. The 100 and 200 EMA lines are below the CMP, while the 50 EMA rallies just on the CMP candlestick.
Algorand crypto price to stay neutral before pushing itself up
ALGO’s daily chart shows that it currently rallies with a neutral momentum over the quarter. The MACD line stays over the zero level and signal line as a sign of a bullish continuum, but its flat-lining indicates a stagnant rally for some time. The RSI graph came back in the neutral zone after giving peaks near the overbought zone and now points downwards.
Conclusion- ALGO may continue its neutral rally before expecting any positive or negative trend reversal. One may consider ALGO for day trading due to its considerable volatility on the hourly chart that daily chart.
Resistance- 0.00004467 BTC
Support- 0.00001845 BTC
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.