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- Algorand prices are trading in the supply area after a steady uptrend.
- ALGO price is trading above all important moving averages on the daily and 4-hours price scale.
- Amidst the surge, trading volume is on the rise and it is up 60% overnight.
Due to its secure, scalable and efficient system, Algorand (ALGO) maintains its position under the top 30 cryptocurrencies according to the CMC. Algorand’s protocol underwent some upgrades in September, increasing the transaction per second (TPS) speed from 1,200 to 6,000 tps. ALGO price saw a jump after this update but bears were also present at some important levels.
Undoubtedly, the price of Algorand has been performing in a wide range for the past 4 months. In the midst of this fight, bears and bulls put up a massive defense. The latest 52-week low of ALOG ($0.2765) is a major pumping area for buyers as well as a demand zone. On the other hand, the $0.40 to $0.42 area (gray box) is acting as a supply zone between the bulls.
Buyers are struggling to lift-up Algorand price above the crucial supply zone as soon as possible, because until price won’t rise bears will consistently put selling pressure, meanwhile, price is bullish no double and its trading at $0.416 mark the time of writing along with 9.04% overnight gain.
Buyers are aggressively accumulating Algorand coins after reversing the bearish trend. Hence, ALGO price sustains above all significant moving averages in the daily and 4 hours price scale. And 200 DMA is the biggest achievement of bulls, which has flipped into immediate support. Amid the price rise, trading volume is rising and it spiked overnight by 60%.
In terms of the daily price scale, the RSI indicator is extremely bullish as its peak continues to rise. Furthermore, the MACD remains high in the positive zone with a higher-high histogram.
Conclusion
Buyers want to push Algorand prices above the supply zone soon. The RSI shows strong positive signals as it remains in an overbought zone and any price drop in the crypto could create a strong selling opportunity.
Support level – $0.35 and $0.30
Resistance level – $0.50 and $1.0
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 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.
