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Algorand price analysis: ALGO coin is still observed into the range-bound phase 

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Algorand price analysis
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  • The Algorand coin frequently accumulated inside the narrow horizontal range for over one month.
  • The Market Cap of ALGO crypto is up 2.6% at $2.3 Billion in the last 24 hours.
  • The pair price of ALGO along with the Bitcoin is slightly up by 1.8% at 0.00001476 Satoshis. 

The Algorand (ALGO) coin appears to be sideways nowadays. The altcoin has frequently accumulated inside the narrow horizontal range for the past 30 days. Bear and buyers, both barely managing to maintain their dominance on altcoin price. 

The ALGO coin shows higher territory above the previous swing low of $0.30. Buyers became active after seeing Hammer Candle on 26 July. Later on, buyers enjoy roller-coasters inside the narrow range. There is no directional trend until it breaks this box pattern. 

The ALGO coin against the USDT is trading at $0.3442 Mark at the time of writing. Despite the range bound phase, the higher time frames like weekly and above suggest a bullish trend. Meanwhile, coins are up by 2.5% so far this week. 

The trading volume is increasing gradually this week. Increasing volume may help to breach this horizontal range to the upside. Thus, The Market Cap of ALGO crypto is up 2.6% at $2.3 Billion in the last 24 hours. Furthermore, The pair price of ALGO along with the Bitcoin is slightly up by 1.8% at 0.00001476 Satoshis. 

How Long This Sideways Trend Will Remain?

The  ALGO crypto is approaching the Mid-Band of Bollinger bands indicator regarding the daily price scale. On behalf of the BB indicator, buyers may see upside momentum towards the upper band of the indicator. 

The RSI indicator seems to be above semi-line (50 Level), suggesting a slight uptrend for ALGO crypto. 

Conclusion 

The Algorand (ALGO) coin is no doubt trading sideways. Buyers need to breach this horizontal range as soon as possible to defend themselves from another sell-off. 

Support level – $0.30 and $0.28

Resistance level – $0.38 and $0.50

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.

Steve Anderrson

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