Algo price has been experiencing a bearish momentum after receiving rejection from the $0.29 level in February, 2023. The cryptocurrency’s price tried several times to form a support but the bears shattered the formed support level each time.
Currently, Algo’s price has formed a support level at $0.11 after receiving strong rejection from the $0.09 level. The previous candle closed above the resistance level of $0.124. Algo price is headed toward the support turned resistance level of $0.147. Looking to the left, there is a possibility for the price to rise toward $0.147 but it needs to possess strong momentum. The concern is regarding the current candle as it is receiving rejection from the $0.1290 level.
For price to regain the trust of buyers, it needs to rise above the major resistance level of $0.24, after which the price can easily target $0.29. On the other hand, if the price loses bullish momentum and re-enters the previous zone, there is a high probability for it to head toward $0.11.
If a break of $0.11 level happens, the price might fill the lower wick of the June 10 candle and decline toward the all-time low of $0.0901. The market capitalization of Algogrand has also increased by 3.13% and is currently at $913 million. The 24-hour volume is also up by 25.82%, indicating investors’ rising interest in the cryptocurrency.
Will Algo Price Rise Above $0.16?
Algorand price has jumped above the 20-day EMA, indicating a rise in bullish momentum, but it is still below the 50,100 and 200-day EMAs. The Chaikin money flow score is 0.05, indicating slight strength in the market. RSI resided in the oversold zone for 12 days and has recently crossed above the 30 mark.
RSI is currently at 44.26, rising upward, indicating rise in bullish pressure. The bands of bollinger have expanded, suggesting a rise in volatility. The price reached the lower band and started to rise toward the upper band which resides near the $0.147 level. Algo price has crossed above the 20-day SMA. The long/short ratio is 1.001 with 50.03% longs and 49.97% shorts indicating almost equal pressure from the buying and selling side.
Conclusion
The market structure and price action of Algorand is bullish but the current candle is receiving rejection from the $0.129 level. The technical parameters are favoring the buying side. As bitcoin and ethereum’s price have started to rally, all of the altcoins have started to follow in their footsteps. Furthermore, the weakening of the dollar index and several other factors are positively affecting the altcoins.
Technical levels
Major support: $0.11 and $0.10
Major resistance: $0.147 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
Source: https://www.thecoinrepublic.com/2023/06/22/algorand-price-prediction-algo-price-rises-above-0-12/