ALGO prices face strong rejection at the $0.7500 mark

TL;DR: Breakdown

• Algorand price analysis shows a bullish trend
• ALGO prices have set key support at the $0.7075 level
• Algorand prices are currently trading at $0.7373.

Today Algorand price analysis shows a positive market trend for prices with a strong rejection at the $0.7500 mark. There is key support set up at the $0.7075 level. Prices have begun gaining traction as bulls have made a comeback after a short period of trading in a sideways range.

The bulls have come and defended the $0.7075 level as prices were seen bouncing back from this key support area. The market is expected to see a move towards the $0.80 level in the near term if the bulls can take control of prices and push them above the $0.7500 mark.

Algorand price movement on a 1-day price chart: Bulls make a comeback

On the 1-day price chart, we can see that prices have been in a strong bullish trend as they have made higher highs and higher lows. Prices have recently set a new all-time high at the $0.7537 level before facing rejection and falling back below the $0.7500 mark.

The market 463 resistance level. There is a bullish trend line that has been formed and prices are expected to continue pushing higher. The $0.7075 support level needs to hold to keep the positive market sentiment alive. Algorand price analysis shows that a breakdown below the $0.7075 support level could lead to further losses in the ALGO market.

The RSI indicator is currently above the 50 level, which shows that the bulls are in control of the market momentum. The MACD indicator is also in a bullish trend as prices are trading above the signal line. The moving averages are showing a bullish crossover as the 20 EMA is trading above the 50 EMA.

Algorand price movement on a 4-hour price chart: Key support at $0.7075

On the 4-hour price chart, we can see that prices have been trading in a sideways range over the past few days. Prices fell from the $0.7537 high to find support at the $0.7075 level. The market has now bounced back and is currently trading at $0.7373.

The key support level to watch is at the $0.7075 level. A breakdown below this level could lead to further losses in prices. The market needs to break above the $0.7500 level to resume the uptrend.

The RSI indicator is currently around the 50 level, which shows that the market momentum is currently neutral. The MACD indicator is also in a neutral trend as prices are trading around the signal line. The moving averages are currently in a bullish trend as the 50 EMA is above the 200 EMA on the 4-hour price chart.

Algorand price analysis conclusion

Algorand price analysis shows that the market is in a bullish trend as prices have made higher highs and higher lows. Prices are currently trading at $0.7373 and a breakout above the $0.7500 level is needed to resume the uptrend. The key support level to watch is at the $0.7075 level. However, the market may correct lower if there is a breakdown below this level.

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