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- Algorand price rallied 10% in the last 24-hours as buyers established support.
- ALGO Coin broke above the short-term resistance trendline and buyers turned the cryptocurrency above the 20 SMA.
- Trading volume suddenly increased by 173% overnight, suggesting a highly volatile market.
As FIFA is going on all over the world and most of the football lovers are enjoying it. Due to the Algorand and FIFA collaboration, Algorand investors can expect to make good immediate returns in crypto. This directly affected the ALGO trading price amid weak global market sentiments.
Undoubtedly, since the beginning of November, the Algorand crypto has been bearish. On the other hand, speculators are facing problems due to the limited range of the market. For the past 20 weeks, buyers and sellers have maintained their defense zones, with the $0.40 to $0.42 area acting as a resistance and the yearly low near the $0.25 to $0.28 area being a key demand zone.
The Algorand coin price stays stable close to the demand zone because recently bears noted the yearly low at $0.2370 on 14 November. Meanwhile, buyers reversed the bearish trend after breaching the resistance trendline in terms of a 4 hour chart. As well as bulls moved the crypto price above 20 simple day moving average (white), first positive sign for recovery.
Against the USDT pair, the Algorand coin is trading at the 0.2919 mark at press time along with slightly weak momentum in the intraday trading session. Although, market capitalization 10% in the last 24 hours and reported at $2.07 Billion. Notably, the trading volume suddenly spiked by 173% overnight, suggesting a highly volatile market.
On the daily price chart, buyers still need to retest the 20-day moving average below the ALGO crypto price. Buyers struggle to recover from several bullish hurdles. Moreover, the RSI indicator is slowly expanding higher and suggests a further move of about 30% from the current levels.
Conclusion
Algorand price gained momentum after a short term bearish trend. The crypto outlook suggests a recovery in the near term but bulls still need to take the asset’s price above its 20-day EMA to complete a 30% rally from current levels.
Support level – $0.25
Resistance level – $0.40 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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
