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- Algorand (ALGO) price recovery is showing a round bottom on the hourly chart.
- Buyers have pushed up the price of Algo by more than 10% in the past few days.
- Trading volume surged 69% overnight, clocking in at $55.9 million.
Algorand (ALGO) price reversed the bearish trend seen at the end of December 2022. The new year has brought positive circumstances after a terrible downfall. Traders are eyeing the next move in the ongoing trend, while the bears are slowly covering their short positions.
Algorand (ALGO) price is showing a higher-lower trend in the market while the bulls are accumulating altcoins in the dip. Thus, at press time, ALGO token trades at the $0.1907 mark against USDT as bulls maintain positive momentum with 2.50% intraday gains.
Algorand on 4 Hour Chart
On the hourly chart, the price action of ALGO crypto formed a Rounding Bottom formation over the past few days. This bullish price structure helps the buyers to maintain high stability in the market. The Thai bullish extension could soon reach the next resistance, which was the red zone of volatility.
However, ALGO recently recorded its latest yearly low at $0.1598 near $0.16, immediately flipping into the pumping zone. On the downside, the $0.20 round level could hinder a strong bullish recovery. Meanwhile, the 4-hour chart EMA remains above all the green moving lines of the ribbon indicator and the 200 EMA line appears as the next sell zone.
Amidst the buying, buyers pushed up the price of ALGO by more than 10% over the past few days, resulting in a market capitalization of $1.36 billion. Furthermore, the overnight trading volume increased by 69%, which was seen at $55.9 million.
On the daily price chart, buyers successfully escaped from the 20-day exponential moving average when the 50 EMA appeared at the next stop. Nevertheless, the 200 EMA (white) has become an important protection zone for sellers.
The daily RSI has recovered from the oversold zone and is moving towards the semi-line. The buyers are waiting for a breakout above 50 mark to accumulate Algorand coin.
Conclusion
Algorand (ALGO) price tried to stay above the 20-day moving average. Bulls have a chance to move the crypto price up to 50 EMA before any major decline.
Support level – $0.1600
Resistance level – $0.20 and $0.35
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.
