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- Algorand Price is currently on a bullish move with a gain of 9.02% in an intraday session.
- Technical Indicators for ALGO price suggests an upcoming upside correction. In contrast, the ALGO/BTC pair is seeing a bullish rally with a gain of 7.30%.
Why To Invest In ALGO?
Algorand(ALGO) is a self sustaining decentralized blockchain-powered network. It was launched in 2019 and gained the ability to handle about 1 million transactions per day. The founder of Algorand was SilvioMicali who aimed to speed up the transactions and increase the efficiency. ALGO has very less transaction time in compared to BTC and other coins. ALGO price has seen a significant jump of more than 500% in the past 4 months.
Algorand has pledged to make a greenest blockchain ecosystem.This can have a positive effect on the price in upcoming days.
Technical Indicators Suggest An End Of Downtrend For ALGO Price
The weekly technical chart of Algorand highlights a bearish move. ALGO price is in a bearish rally in the daily time frame. Resistance on the upside for the coin can be seen at $1.5. Algorand can bounce back while going down from $1. It is trading below 50 and above 100 Moving Average. The 50MA (YELLOW) line is at $1.274, making it temporary resistance for the current price. The coin has formed a parallel channel on the daily chart. If the price breaks 10% above the parallel channel then a strong bullish momentum can be seen.
RSI(Neutral): It is trailing at 41.76, showcasing its presence in the neutral zone. There is a no slope formation in the RSI, highlighting a consolidated sentiment for the price.
Conclusion
Algorand price has seen a gain of more than 550% from the start of the year. The ALGO/BTC pair also sees positive momentum and can see a higher levels in the future. Investors should do their due diligence before investing.
Technical Levels
Major Support:$1
Major Resistance:$1.5
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
