Algo Price Rises Amid Partnership

Algorand price showed positive sentiment and gained investors interest during the beginning of 2023, as price formed a support at $0.165. The support level was a major turning around for the price. The support level helped price in gaining bullish momentum and caused an upward move of approximately 83%.

This move led to creation of an annual high at $0.2995. Bears did not want the price to rise above 0.30 level which triggered a drop in the price. The crypto currency price did try to retest the annual high but the move did not sustain.

Recently, Algo price wrecked the major support and yearly lows of $0.16 and has gained bearish momentum. The break caused a fall of roughly 43% since June 5. Currently, the price has formed a support at $0.11 level and started to rise to recover from the June losses. Algo price is currently headed toward the support turned resistance of $0.146 level.

For price to gain bullish momentum, it needs to rise above $0.18 level to gain enough bullish momentum to shatter the resistance level of $0.235. Once the $0.235 resistance level is broken then the price can aim for the annual high.

Algorand Partners With Seracle

The crypto market saw a decline in the response to the federal reserve’s indication of upcoming interest rate hikes. Amidst the chaos, Algo remained intact and managed to buck the trend. The Federal Open Market Committee(FOMC), led by Jerome Powell, paused its aggressive interest rate hike campaign, leaving rates unchanged.

AlgoRand has recently partnered with Seracle which is a blockchain cloud company initiating a blockchain adoption for web3 companies.

Will Algo Price RIse Above $0.16 Level?

Algo price trades below 20,50,100 and 200-day EMAs indicating bearish momentum in the price. The chaikin money flow score is 0.05 indicating increasing strength in the market as CMF rises from -0.16. RSI resided in the oversold zone since June 5 indicating how strong the bearish momentum was in the past few days.

RSI has started to rise above the oversold and is currently at 34.46. The current move might be a short term pullback and traders should wait for the price to break and close above $0.16 level for confirmation of a bullish move. The long/short ratio is 1.23 with 55.29% longs and 44.71% shorts indicating higher buying pressure in the market.

Conclusion

The market structure and price action of Algorand price is slowly turning bullish. Traders should be cautious that this move might just be a short term pullback in the price. The technical parameters indicate that there is a rise in bullish sentiment in the market due to Algorand’s partnership with seracle.

Technical Levels

Major support: $0.11 and $0.10

Major resistance: $0.146 and $0.16

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing