ALGO prices face strong rejection at the $0.75 mark

TL;DR: Breakdown

• Algorand price analysis shows a bullish trend
• ALGO prices have set key support at the $0.7075 level
• Algorand prices are currently trading at $0.7373.

Algorand price analysis shows a positive market trend with a strong price rejection seen at the $0.75 mark. There is strong support at the $0.7075 level. Prices have begun gaining traction as the bulls made a comeback following a short period of sideways price movement.

The bulls have come back to set up a strong defense at the $0.7075 level as prices bounced back from this critical support area. The market looks primed to move towards the $0.80 level in the short term if the bulls regain control of prices and push past the $0.75 mark.

Algorand price movement on a 1-day price chart: Bulls make a comeback

On the 1-day price chart, we can see that prices have been in a solid bullish trend as they have made higher highs and higher lows. Prices recently set a new all-time high at the $0.7537 level before meeting rejection and dropping below the $0.75 mark.

The market has formed a bullish trend line, and prices are expected to continue to push higher. The $0.7075 support level needs to hold to keep the positive market sentiment alive. Algorand price analysis shows that a breakdown below the $0.7075 support level could lead to further losses in the ALGO market.

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

The RSI indicator is currently above the 50 level, indicating the bulls’ market momentum control. The MACD indicator is also in a bullish trend as prices are trading above the signal line. The moving averages show a bullish crossover as the 20 EMA trades above the 50 EMA.

Algorand price analysis 4-hour price chart: Key support at $0.7075

On the 4-hour price chart, prices have traded in a sideways range over the past few days. Prices fell from the $0.7537 high to find support at the $0.7075 level. The market has now bounced back and is currently trading at $0.7373.

The key support level to watch is at the $0.7075 level. A breakdown below this level could lead to further losses in prices. To resume the uptrend, the market needs to break above the $0.7500 level.

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

The RSI indicator is currently around the 50 level, showing that the market momentum is neutral. The MACD indicator is also in a neutral zone as prices are trading around the signal line. The moving averages are currently in a bullish trend as the 50 EMA is above the 200 EMA on the 4-hour price chart.

Algorand price analysis conclusion

Algorand price analysis shows that the market is in a bullish trend as prices have made higher highs and higher lows. Prices are currently trading at $0.7373 but may need to break above the $0.75 level to resume the uptrend. The key support level to watch is at the $0.7075 level. However, the market may correct lower if there is a breakdown below this level.

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