ALGO soars as bulls aim for the $0.75 handle

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Cryptocurrencies prices heatmap, source: Coin360

The Algorand price analysis is bullish for today as the price has increased by 4.43 percent as prices soar to $0.7126 after a correction from the lows of $0.6893. The market is currently trading between two important levels, $0.6796 and $0.7723, which are acting as resistance and support respectively. The Algorand price is currently facing resistance at the $0.7723 level, which is the 61.8 percent Fibonacci retracement level of the recent move from $0.6893 to $0.7126. However, if the bulls can muster enough strength to push prices above this level, we could see a move towards the $0.8050 level.

On the downside, support is seen at the $0.6796 level, which is the 50 percent Fibonacci retracement level of the recent move from $0.6893 to $0.7126. A break below this level could see prices fall towards the $0.6500 level. The token has seen some increase in the trading volume which is presently at $702,429,018.20 while the market cap is at $4.7 billion. The bulls have made enough recovery to come out of the bearish pressure, and they are continuing their lead for today as well.

ALGO/USD 1-day price chart: Bullish run stalls below $0.7723 resistance

The Algorand price analysis shows that the token has been on a bullish run over the past two days as it surged from $0.6893 to highs of $0.7126. However, the bulls have failed to sustain the momentum above the $0.7723 level, which is acting as a strong resistance. The Relative Strength Index is currently trading at 59.43, which indicates that the market is neither overbought nor oversold. However, the MACD is fast approaching the zero line from below, which suggests that bullish momentum could pick up in the near term.

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ALGO/USD 1-day price chart,source: TradingView

The SMA 50 1-day chart is currently trading at $0.7065, which is just above the SMA200 1-day chart of $0.6937. This indicates that the path of least resistance is to the upside and that prices are likely to continue higher in the near term. The bullish run is expected to last for a while as the technical indicators are all pointing to the north before a possible correction to the downside.

ALGO/USD 4-hours analysis: Latest developments and further technical indications

The Algorand price analysis on the 4-hour chart shows the prices have formed a double-bottom pattern around the $0.6796 level and have bounced off this level to trade at $0.7126 at the time of writing. This is a bullish development that suggests prices could move higher in the near term. The Moving Averages are all in bullish alignment as the SMA 50 is trading just below the SMA 200 while the EMA 50 is also trading well above the EMA 200. This indicates that the path of least resistance is to the upside and that prices are likely to continue higher in the near term.

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ALGO/USD 4-hour price chart, source: TradingView

The MACD indicator is currently in a bullish territory as the MACD line is trading above the signal line. The RSI indicator is also in a bullish territory as it is currently trading at 60.17. This indicates that there could be more upside potential in the market in the near term.

Algorand price analysis conclusion

Algorand price analysis for today shows a bullish momentum as bulls have managed to hold the prices above the $0.6796 support level. The market is expected to continue higher as the technical indicators are all pointing to the north. However, a break below the $0.6796 level could see prices fall towards the $0.6500 level. The bullish run has picked after a period of consolidation and is expected to continue for a while.

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.

Source: https://www.cryptopolitan.com/algorand-price-analysis-2022-05-08/