ALGO/USD bullish for the next 24 hours

TL;DR Breakdown

• Algorand price analysis is bullish today
• The closest resistance level lies at $1.15.
• ALGO is currently trading at $1.02.

The closest resistance level lies at $1.15, which could be reached if today’s bullish performance continues throughout the day. We can see that ALGO has dropped significantly during January, but it does not look like it will continue its drop. The previous resistance at $1.72 has now turned into support and has managed to keep the price above it so far.

ALGO/USD price movement in the last 24 hours: Low trading volumes

If there are no aggressive sell-offs within this bullish run, we expect ALGO to make it up to around $1.23 due to its previous support levels at $1.15 forming into resistance. This would be the next target within the run, likely reaching around February 11th.

The trading volume is relatively low throughout today’s trading, but if the bullish performance continues throughout the day, we may see it pick up.

On the 4-hour chart, we can see that ALGO is attempting to break upwards from a very strong bullish pennant formation. It has been consolidating inside this pattern for around 3 hours now, and if it manages to break out of it today, we expect ALGO to hit its previous high of $1.72, as stated above. If not, the price may drop, allowing more room for a further breakout once a continuous trend is found by testing one or both of these EMAs before going up again.

ALGO/USD 4-hour chart: What to expect?

ALGO is currently testing the 21 day EMA, the last support before the 50 day SMA. These averages form a solid support level which will be broken if today’s performance continues throughout the week. This will turn into resistance against an already bullish market and could send ALGO back down to $0.50 or further down, depending on how much momentum it picks up during this test of these averages.

Algorand price analysis is bullish today. The closest resistance level lies at $1.15 ALGO is currently trading at $1.02. The closest resistance level lies at $1.15, which could be reached if today’s bullish performance continues throughout the day. We can see that ALGO has dropped significantly during January, but it does not look like it will continue its drop. The previous resistance at $1.72 has now turned into support and has managed to keep the price above it so far.

We can see that ALGO is currently testing the 21 day EMA, the last support before the 50 days of SMA. These averages form a solid support level which will be broken if today’s performance continues throughout the week. This will turn into resistance against an already bullish market and could send ALGO back down to $0.50 or further down, depending on how much momentum it picks up during this test of these averages. If there are no aggressive sell-offs within this bullish run, we expect ALGO to make it up to around $1.23 due to its previous support levels at $1.15 forming into resistance.

Algorand price analysis: Conclusion

The EMA’s are all green at the moment, with the 50 days SMA above them, indicating that this market could be about to break out upward if its performance continues throughout the day. This would be an excellent gain because it has been on the low side for some time, even though direction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.