- The ALGO daily chart shows that the coin has gained bullish momentum.
The price is currently close to its 50 EMA (the blue line). The coin has shown a great bull move from its support level and has now gained an uptrend on daily timeframe.
Algo on daily time frame
On the daily chart a horizontal line can be seen. This horizontal line shows that price has resisted here multiple times and if the price breaks this line a good bull move can be seen to its next nearby resistance i.e. $0.2985. If the price crosses its major resistance as well then the coin can be considered as a good long-term investment.
MACD – Algo has gained bullish momentum on the daily chart as evidenced by the MACD indicator’s bullish crossover. The indicator’s bullish crossover shows that bulls have surpassed bears.
Relative Strength Indicator (RSI) – The relative strength indicator (RSI) indicates that the RSI curve is over its 50-point threshold at 58.86. This is encouraging for the token as it signals continued price growth.
Analyst views and expectations
A bullish move is on its way on the daily chart. Short-term investors should keep an eye on the daily chart of Algo as a horizontal line breakout/basic price action breakout is on its way after which a bull move is expected. As far as long-term investors are concerned they should wait for the coin to cross its major resistance. Moreover if they see a Golden Crossover on the daily chart in the next few weeks they can invest in the coin at that very point.
According to GovCapital’s ALGO coin price forecast, Algorand will increase to just under $1.56 by the end of 2023. The website then predicts the price for 2025 using an algorithm predicting that it would begin the year at $3.09, reach $4.40 on September 22 and end the year at $4.63.
WalletInvestor’s forecast for the price of ALGO is much more pessimistic. The coin may face difficulties this year, according to the website which predicts that by September 2023, it will only be worth $0.01036.
According to a price forecast from Cryptopredictions.com, the coin may bounce to $0.60 in 2025 before perhaps reaching $0.69 in September 2026 and ending that year at $0.7154.
Technical Levels
Major resistance -$0.4004
Major support -$0.1659
Conclusion
The token at present looks appealing for short-term investing.
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
Source: https://www.thecoinrepublic.com/2023/01/26/algo-technical-analysis-bull-move-on-its-way/