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•ALGO/USD is currently priced at $0.389 and has increased by 4.24% over the past day
•The trading volumes have decreased by 13.38% over the past day
•The technical indicators project a positive outlook for the near term
Short Term View: Is a bullish move on the cards for Algorand?
The Algorand price today is $0.389077 USD with a 24-hour trading volume of $71,710,267 USD. ALGO is up 4.24% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.02684 for the altcoin.
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An influx of buyers into the market has pushed the ALGO Token on a path of resurgence as the altcoin has nudged ahead of the 20 SMA on the four hour chart. The 50 SMA however, still proves to be elusive for the bulls and may act as a resistance in the near future. Algorand has broken past its immediate price ceilings and could aim for other resistances with persistent bullish price action. The next resistance for the asset resides at the $0.50 which may provide significant impetus to the bulls to stage a turnaround. On the flip side, a spike in selling pressure would push the ALGO Price below the support level placed at $0.30.
Long Term View for Algorand
Across the technical indicators for ALGO, the MACD is currently bullish across the daily chart as expressed by the green color of the histogram. Currently, the green histograms are in the nascent stages of recovery as they continue to gain traction on the daily chart. Moreover, the gap between the MACD and signal lines is increasing as well, which is a major boost for the bulls. In another piece of positive news, the RSI indicator has also recovered from the recent oversold levels and is currently transacting at 39.81.
Conclusion
The Algorand price analysis indicates that the asset is on the road to recovery. It is however, still in its nascent stages as the increase in prices seems to be driven by an influx of buyers due to which buyers have gained momentum in the market.
Support: $0.30-$0.25
Resistance: $0.50-$0.75
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
