- Algorand price is trading above the key moving averages, demonstrating bullishness.
- ALGO price is in the bull’s grasp, overpowering bears.
Algorand Crypto (USD: ALGO) is showing strength and heading towards the upper levels. This positive trend suggests that an upward move for ALGO Crypto toward the expected target of $0.2500 is possible. Therefore, buyers are likely to maintain long cryptocurrency positions. Algorand Crypto is trading above major moving averages, indicating a bullish mood.
Additionally, chart structures based on recent trading sessions show a bias in favor of buyers. The cryptocurrency has gained momentum and is poised for an uptrend that could reach $0.3000. The increased activity and momentum also support the optimistic outlook of market buyers.
At the time of publication, Algorand Crypto was trading at $0.2027 with an intraday gain of 1.65%, showing bullish sentiment and a positive outlook on the charts. Additionally, the intraday trading volume was $108.937 Million and the market capitalization was $1.631 Billion.
However, as buying volume increases, the price can create higher highs and new highs to maintain bullish momentum. Therefore, Algorand’s price is expected to move higher and remain strong on the daily chart.
Technical Analysis of Algorand Crypto Price in 1-D Timeframe
Source: Algorand .1D.USD by TradingView
Currently, Algorand Crypto (USD: ALGO) is trading above its 50-Day and 200-Day daily moving averages (DMAs), which support the price momentum.
The current RSI value is 57.81 points. The 14 SMA is above the midline at 64.40 points, indicating a bullish trend for Algorand Crypto.
The MACD line at 0.0012 and the signal line at 0.0013 are above the zero line. There is a bearish crossover on the MACD indicator, which indicates a weakness in the price momentum of the ALGO cryptocurrency.
Algorand crypto’s weekly chart shows bulls are dominating. The cryptocurrency is in an uptrend as is trading above the main EMA. Technical indicators also support the bullish sentiment as the RSI is close to the overbought zone of 60 and MACD has formed a bullish crossover with the green band. These signals indicate that the cryptocurrency could face even upward moves in the coming weeks.
Summary
Technical oscillator Algorand (USD: ALGO) also supports the bullish trend. MACD, RSI, and EMAs highlight positive signals and suggest that the upward trend in ALGO crypto price may continue. Price action suggests that investors and traders are optimistic daily. Price movement reflects an optimistic outlook. However, investors and traders must wait to be properly prepared for the next step and avoid FOMO.
Technical Levels
Support Levels: $0.2012 and $0.1977
Resistance Levels: $0.2100 and $0.2500
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Amanda Shinoy
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
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