- Algorand is currently trading at $0.2150 with an increase of +0.19%.
- The 24 hour low is $0.209 and 24 hour high is $0.219.
- The price is currently below the 20,50,100 and 200-day EMA.
Algorand opened at $3.40 during its ICO and fell to the $0.10 level from where it started its bullish rally towards $3 level, which was an impulse and price was rejected heavily sending it down to the $0.1600 level. Since the start of 2023, the Algorand was in a bullish trend, driving the price from $0.1600 to $0.3000 after which the price bears took control and price came down straight to the $0.1860.
Algorand price found support at $0.1860 and started a bullish trend making higher highs and higher lows. The price has been rejected by the $0.2400 level twice. If the price can break and close above the $0.2400 level, there is a higher probability for the price to again retest the $0.2900 level.
The price on the daily basis is below the 20,50,100 and 200-day EMA indicating strong bearish move. The market cap of Algorand has decreased by 1.63% while the volume has increased by 6.58% in the last 24 hours.
Technical Analysis of Algorand
The RSI curve reached the oversold area as price reached $0.1860. The RSI curve is currently increasing, headed towards the overbought zone and has crossed the median line indicating bullish momentum in the market. The overall trend for Algorand is bearish on the higher time frames but the smaller time frames are bullish for the price. On a four hour basis, the RSI curve is at 49.12 and headed towards the overbought zone as the price tries to reach $0.2400 level.
The price is trading near the 20 day SMA of the bollinger band. The last candle was a morning star candlestick pattern, which shows signs of reversal for the price if the bulls are able to break the high of the morning star candle. On a four hour basis, the price is showing bullish momentum and trading near the 20 day SMA.
On a daily basis, the +DI is above the -DI, with ADX at 12.32. +DI has started to dip after the price rejected the $0.2400 level. The trend strength is low for the bullish trend to sustain while on the four hour basis, the -Di has crossed the +DI positively with the ADX at 21.06 indicating bearish momentum in the market.
Conclusion
Algorand, on the higher time frame, has been bearish. Since the ICO of Algorand, the price for the most time has shown bearish momentum and is still trying to recover. The current price action as well as the market structure shows signs of bullishness in the market. Algorand price needs a break and a close above the $0.2400 level for the continuation of the bullish trend.
Technical levels:
Major support: $0.1860 and $0.1600
Major resistance: $0.2400 and $0.2900
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.