- 1 ALGO price shows a turnaround and bounced from the 200-day EMA.
- 2 Buyers have their eyes on the mark of $0.2000.
Algorand price is moving with bullish momentum, depicting the rounding bottom formation on the chart. Moreover, ALGO price has surpassed the immediate neckline of $0.15000, where it was hovering last week. $0.15000 is now acting as a support near the 200-day EMA. Buyers have gained traction and are looking to reach $0.2000 soon.
Algorand price resumed to uplift the price and noted three white soldiers pattern on the charts, again, confirming the bullishness. Additionally, the ALGO coin has approached the 61.8% Fibonacci retracement zone and is on the verge of the upper bollinger band.
The live price of Algorand is $0.1522, with an intraday gain of 5.56%, showing bullishness on the charts. Moreover, the trading volume increased by 11.77% to $151.38 Million. However, the pair of ALGO/BTC is at 0.00000387 BTC, and the market cap is $1.22 Billion. Analysts have maintained a buy rating and suggest that ALGO may reach the swing high of $0.2000 soon.
Algorand Price Tops $0.1500 on Daily Chart
Source: ALGO Price Chart By TradingView
On the daily chart, ALGO price shows a turnaround and surged over 70% recently. Moreover, the ALGO coin attained bullish momentum, and buyers are now charging their muscles.
The RSI curve stayed in the overbought zone and formed a positive crossover, suggesting that the ALGO price. The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting that ALGO is likely to reach $0.2000 soon.
ALGO Surpassed 20 Day EMA on Weekly Chart
Source: ALGO Price Chart By TradingView
On the weekly chart, ALGO price has surpassed the 20-day EMA and gained traction over the past few sessions. The technicals show that ALGO price is delivering a trend reversal and is witnessing a bull dominance on the charts. Buyers are looking aggressive and have beaten the sellers in the past sessions. Per the technicals, the trend is looking strong and ALGO is heading toward the trajectory highs of $0.1700. It could touch $0.1700 in the coming sessions.
Summary
ALGO price has regained strength and the turnaround from the demand zone of $0.1000 displays bullish momentum on the charts. The price action reveals the bulls’ dominance and ALGO price may reach the swing high of $0.2000 soon. Furthermore, the correction has ended, and buyers are increasing gains and trying to skyrocket the ALGO price beyond $0.2400. The bullishness is confirmed by the RSI and MACD readings.
Technical Levels
Support Levels: $0.1500 and $0.1300
Resistance Levels: $0.1700 and $0.2000
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Anurag S
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
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