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- 1 The price of Algo is currently trading near $0.12 with a 101% rise in the 24-hour trading volume
- 2 Algo price is up by 10.5% over the last 7 days.
The Algorand (ALGO) price prediction reveals that it can be estimated that bulls are prepared to enter the price action shortly. Algorand (ALGO) is making a rally to retest its immediate barrier near 50 EMA, though multiple obstacles are present which might be challenging for the buyers to overcome.
Presently, the price is moving near its primary support point though it may not be sufficient to sustain the buyers’ acceleration above the support zone. The price is making a double bottom (W) which is a bullish pattern. If the price succeeds in breaching the 50 EMA resistance, it can surge by 26% within the next few weeks.
The ALGO price recently formed an engulfing candle which suggests that bulls are attempting to gain purchase in the market. The majority of technical indicators such as support and resistance, oscillators, and EMAs are in bears’ favor. However, the price pattern is bullish which presents a contrasting view that a few investors may find difficult to decipher.
The present value of Algorand (ALGO) is $0.20 (press time). It has a market capitalization of around $173.71 Million, which surged over the past few weeks.
Abrupt Surge in Parameters of LunarCrush
Recently, a significant surge was observed regarding the Algo token in the majority of the LunarCrush platform
The multiple parameters on LunarCrush suggest the community’s interest in the token is rising across the majority of social media platforms. The social engagement level is up by 207%. The total bullish sentiment metrics recorded a slight drop of 64.7%.
Algorand (ALGO) Price Prediction: Technical Analysis on 1-Day Chart
Presently, the ALGO token is facing resistance from a vital point near 50 EMA. If the sellers take hold of the market, it may cause the price to rise by 25% in the near future. The majority of technical indicators imply that bulls are attempting to push the price further.
The RSI line has been taking constant resistance from the median line. It is estimated that the RSI line may take a reversal from median line. The current RSI value of the ALGO token is 50.12 points, whereas the 14 SMA is providing resistance to it at around 41.22 points.
Conclusion
According to the analysis, ALGO price prediction suggests bears are likely to step into the price action if the price takes resistance from its immediate barrier zone. The majority of technical indicators such as support and resistance, oscillators, and EMAs present similar perspectives.
Technical Levels:
Support – $1.000
Resistance – $2.000 and $2.500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
