•ALGO/USD is currently priced at $0.35 and has increased by 2.01% over the past day
•The trading volumes have increased by 11.33% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Will the Algorand bulls be able to surge ahead with purpose?
The Algorand price today is $0.353881 USD with a 24-hour trading volume of $101,887,271 USD. Algorand is up 2.01% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.04173 for the altcoin.
ALGO price analysis highlights that the cryptocurrency has a strong bullish bias while trading above the $0.30 support level. The asset has embarked on an upward trajectory which has resulted in the ALGO Price transacting above the 20,50 SMA on the four-hour chart. According to technical analysis, the $0.40 level is likely to be the next major upside target for Algorand bulls. Given the strength of the bullish trend in the cryptocurrency market, the asset could even scale the next resistance level placed at $0.50, which could result in an influx of buyers in the market.
Long Term View for ALGO
The technical indicators for Algorand suggest that an uptrend is on the horizon. The RSI is currently transacting at 48.45, with the RSI line showing divergence from the 14-day average line amid increased buying pressure. The increasing size of the green histograms on the daily MACD chart along with the widening gap between the MACD and signal lines also suggest that an uptrend is in motion, with the bulls aiming to breach the resistance levels.
Conclusion
The technical indicators for Algorand are bending over the bullish movement. If the asset somehow manages to attract some more buyers it will be a bit easy for price recovery. Hence, the coin needs to attract buyers in order to pump the volume to help the price to recover.
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.