Algorand Price Analysis: ALGO finally overcomes the downward channel and appears to be Bullish

• The Algorand coin appears to be in the bullish territory after breaching the falling wedge pattern.
• The Supertrend indicator generated the bullish indication last night in terms of the daily price chart. 
• The Algorand coin price with the Bitcoin pair is trading at 0.00002041 Satoshis, which is slightly bullish by 2.34%.

Algorand coin appears to be in a bullish zone after breaking the falling wedge pattern (white). Looking past, ALGO has seen a steady decline after seeing a high of $2.83 in the year 2021, as the coin there lost almost 77% of its value in just 5 months. In late 2021, ALGO observed an ascending triangle pattern where panic sellers took advantage.

Last night, the Super Trend indicator indicated a bullish signal related to the Algorand coin after a bounce-back. It seems that the bulls have again turned aggressive for buying. Thus, at the time of writing, ALGO Coin is gaining 4.4% to buyers at $0.8976, according to CMC. Similarly, Algorand and Bitcoin pair at 0.00002041 satoshis, with an increase of 2.34%.

The ALGO bulls are now aiming to retest the psychological level of $1.0, which appears to be an essential resistance. However, the intraday trading session has remained volatile in a bullish phase for the past several days. Therefore, the coin has gained around 73% of the trading volume in the last 24 hours. Meanwhile, the volume to market capitalization ratio is 0.6857.

Traders are aiming for $1.0 as a psychological round level

The Algorand coin is noticing above the 20 and 50-day moving averages in the context of a daily price chart. And remaining 100 and 200-EMAs may distract the bullish momentum. 

The relative strength index (RSI) remains above the halfway line (50-point) after a long consolidation below it. At the time of writing, the RSI is represented at the 64-level, providing a clear directional trend.

The Average Directional Index (ADX) is gradually decreasing but still suggests a bullish momentum for the Algorand coin.

Conclusion 

Now the Algorand coin is moving towards the psychological level of $1.0, where the battle between buyer and sellers may occur for the directional trend. Unless the bears may continue to dominate the coin. 

Support level- $0.680 and $0.370

Resistance level- $1.0and $1.30

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.