ALGO Price Analysis: Is the token's downtrend coming to an end?

The token is trading at the demand zone on the daily time frame.
The pair of ALGO/USDT is trading at the price level of $0.2893 with a gain of 3.34% in the past 24 hours.

The bulls are in control of the trend and are raising the token’s price. Over the past few weeks, the Algorand (ALGO) coin has gained by more than 70%. One of the most versatile tokens in cryptocurrency is the Algo, which is the native token of the Algorand network. It is used to: cover transaction costs. purchase on-chain products like NFTs. buy products and services.

ALGO token on the daily chart

The token is trading in an upward parallel channel respecting the highs and lows of the channel. On the daily chart, we can see that the ALGO token is now up 3.34% in value, trading at $0.2893. The token is trading between its key Moving Averages, the 50 EMA and 200 EMA, and has crossed and held above the 50 EMA. (The blue line is 200 EMA, the red line is 50 EMA.) It remains to be seen if the bull can continue the bullish momentum or not.

Relative Strength Index: The asset’s RSI curve is currently trading at 68.61, indicating that it is in the overbought zone. The value of the RSI curve has increased as the token price has risen. The RSI curve has crossed over the 14 SMA, indicating that the token is bullish. If the bulls can continue their bullish momentum and drive the token price higher, the RSI curve will remain in the overbought zone.

Analyst view & Expectations

The token has retraced to its previous demand zone; now we’ll see if it can break above the demand zone and continue its bullish momentum. Investors should wait for the token to break and sustain above $0.2900 before buying to gain more confirmation. Intraday traders, on the other hand, have a good opportunity to go long and book profits based on their risk to reward ratio.

According to our current Algorand price forecast, the value of Algorand will climb by 11.63% to $ 0.322079 by the next few days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 58. (Greed). Over the previous 30 days, Algorand has 21/30 (70%) green days and 8.38% price volatility. According to our Algorand forecast, now is a good time to buy Algorand.

Technical Levels

Major support: $0.2600

Major resistance: $0.3000 & 200 EMA on the daily chart

Conclusion

The token is trading in an upward parallel channel and bulls are driving up the price of the token. Investors who want to buy now can do so by keeping a stop loss and managing risk to reward ratio.

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.