Algorand price analysis: ALGO climbs back to $1.44 after the bullish momentum reinstates

TL;DR Breakdown

• Algorand price analysis is bullish.
• Strong support is present at $1.37.
• Resistance is present at $1.56.

The Algorand price analysis is bullish for today as the ALGO/USD price level has reached the mark of $1.44 again as the coin found support and rejected further downside below $1.35. The bullish momentum has been restored after a strong correction for the past week; as a result, ALGO reports an increase in price value by 5.04 percent during the last 24 hours but is at a loss of 16.97 percent over the past seven days.

Today ALGO has successfully crossed the resistance of $1.39 and is currently testing the $1.44 resistance, and selling pressure is expected at this level before ALGO aims for the next resistance of $1.56.

ALGO/USD 1-day price chart: ALGO to face selling pressure

The 1-day Algorand price analysis shows a bullish momentum is strong, and a further price increase is expected in the coming hours as bulls continue their rally. However, some selling pressure is also expected at the current price level of $1.44 as it is a resistance zone set by bears on 8th January and 16th December.

The volatility is also increasing as the Bollinger bands are expanded, with the upper band at the $1.81 mark and the lower band is at the $1.32 mark. The average of the indicator is forming at $1.56. The moving average (MA) is at the $1.51 mark above the price level. The relative strength index (RSI) is trading on an upwards curve at index 45, hinting at the buying activity in the market.

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

The 4-hour Algorand price analysis shows the coin function is facing the resistance present at $1.44 currently as bulls regained the lead after 12 hours of the bearish period, indicating bullish progress. Selling pressure is high at this point, but as the bullish momentum seems strong, we expect the bulls will successfully make a breakthrough.

The volatility is comparatively less than the last few days on the 4-hour chart. The upper end of Bollinger bands is at the $1.45 mark representing resistance, and the lower band is at the $1.33 mark. The average of Bollinger bands is being formed at $1.39 below the price level, and the moving average (MA) is at the $1.38 mark. The relative strength index (RSI) is moving in the upper half of the neutral zone with much more room for further bullish practice as the indicator trades at index 51.

Algorand price analysis: Conclusion

The Algorand price analysis is bullish for today. The ALGO/USD are currently attempting the $1.44 resistance, and we expect ALGO/USD to successfully break through this resistance and continue further upside above $1.44 for the rest of the day.

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