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- Algorand Price is looking to break out from the 50 and 100 DMA on the daily chart. If the price breaks above it then a strong bullish momentum can be observed
- The price is currently seeing a bullish momentum, a gain of 6% in the intraday session. In contrast, ALGO/BTC pair is also on a bullish momentum
Algorand price is currently trading at $1.06 with an intraday gain of 5.93%. The price is currently seeing an uptrend and can soon break the previous resistance. It has an ROI of less than 10% which has been a negative point for the price in the long run. The price is currently in between the 0.5 and 0.382 fib. If the ALGO token price goes down below the 0.5 fib then a strong downtrend in the price can be observed. The market capitalization of the price along with the volume has also seen a significant increase in the last 24 hours. The volume to market capitalization ratio of the asset price also hints towards an uptrend.
Technical Indicators Suggests An Uptrend In The ALGO Token Price
The weekly technical chart of Algorand highlights a weak bullish momentum in the price. ALGO token price has formed a Doji candle on the daily chart. Resistance for the asset price while going upside can be observed near $1.5. Meanwhile, the support for the price can be seen near $0.6. The price is currently trading below the 50 and 100 Daily Moving Average. The moving average is showing a positive crossover on the daily chart. The 100 MA line is at $1.11 making it temporary support for the price. Algorand is currently showing a strength to recover to the positive levels. ALGO/BTC pair can also see a strong uptrend in the future.
MACD(Bullish): MACD for the asset is currently in a bearish zone. It has given a positive crossover on the signal line which suggests a bullish trend on the daily chart. The bars of the histogram also suggest an uptrend in the price.
Conclusion
ALGO token price has given a significant return to the investors in the past and can give the same returns in the future. ALGO/BTC pair can also see a strong uptrend in the price in the future. Investors should do their due diligence before investing.
Technical Levels
Major Support:$0.6
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.
