Alogrand price rose 30% in the current week and began a journey to reach the Year-till-date high level. It displayed a steep rise and formed a highly bullish pattern which triggered the positive sentiment.
The recent move in ALGO price supported a high buying volume which indicates the participation of the big players. Therefore, the price is likely to sustain the higher levels which is good for long-term investors.
ALGO crypto performed well and rose by 83% in December. It seems like investors have turned bullish and buyers are coming back on track. The 50-day and 200-day EMAs are pointing upward and the price sustaining above it denotes an uptrend.
However, the price has gone far away from the 50-day EMA. So, it will be good if Algorand shows minor corrections.
The chart pattern is definitely bullish and indicates that the rally has just begun. So, existing investors should hold their longs and new investors may look for buy-on-dips opportunities.
At the time of writing, the pair of ALGO/USDT is inside the bulls’ grip and trading at $0.2529 with an intraday uptick of 12.95%.
Algorand Price Gained Momentum; Are Bulls Back?
Algorand price gained positive momentum and buyers’ dominance is clearly visible. It seems like this crypto might continue to perform well in the coming months and may participate in the 2024 bull run.
Till the price holds the EMA support, any short-term downfall may get easily absorbed. Moreover, the EMAs will act as a support and the price might show a sharp bounce.
The price action of the ALGO crypto is favoring the bulls and tells us that the recent move is powerful and sustainable. So, investors should play long and stay on the bullish track.
ALGO Price is Bullish on Multiple Time Frames; What Next?
ALGO price turned bullish on multiple time frame charts, which is boosting the confidence of the long-term investors. Hopefully, we might see a YTD high breakout in the coming weeks, which will trigger the next phase of the rally.
The MACD curve is rising upward confirming the strength of the bulls. Whereas, the RSI at 77 denotes overbought territory which may raise concern for the short-term bulls.
Conclusion
Algorand price shot up 12% in the current session and rose by 30% weekly. It shows that ALGO crypto is inside the bulls’ grip and buyers are finally back on track.
The analysis suggests more upside in ALGO is pending so it seems to be a good time to invest for the long term.
Technical levels
- Resistance levels: $0.3000 and $0.3500
- Support levels: $0.1667 and $0.1228
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2023/12/22/algorand-price-rose-30-is-it-good-time-to-invest-in-algo/