Algorand price analysis: ALGO finds support at $0.6800

TL;DR Breakdown

• Algorand price analysis suggests upwards movement to $0.7500
• The closest support level lies at $0.7200
• ALGO faces resistance at the $0.7500 mark

The Algorand price analysis shows that the asset’s price action has found support at the $0.6800 mark to begin a recovery. However, while the bulls attempt at initiating a rally, the bears still haunt the short-term charts.  

The broader cryptocurrency market has observed a bullish market sentiment over the last 2-hours as most major cryptocurrencies record positive movement against BTC and the US Dollar. 

Algorand price analysis: ALGO finds support at $0.6800

Across the technical indicators, the MACD is currently bullish as expressed in the green color of the histogram. However, the indicator shows low bullish momentum at press time as it has just exhibited a bullish crossover. As such, if the mild bearish activity causes a drop below the $0.700 mark, the MACD would turn bearish again.

The EMAs are currently trading low as the Algorand price analysis shows a net bearish price movement over the past five days. However, since finding strong support at the $0.680 level, both EMAs have started to move upwards. At press time, the 12-EMA climbs at a steep slope while the 26-EMA follows steadily. 

The RSI has been trading low near the oversold region since 5 April showing a bearish trend across the mid-term charts. The indicator is currently trading at 42.76 index unit level and moving horizontally. The indicator’s position leaves low room for further downwards movement but the current movement suggests a lack of momentum on either side.

The Bollinger Bands were wide yesterday but now show some convergence as the Algorand price analysis makes a return towards the $0.750 mark. Currently, the indicator’s bottom line provides support to the bulls at the $0.6864 mark while the mean line presents resistance at $0.7483. 

Technical analysis for ALGO/USDT

Overall, the 4-hour Algorand price analysis issues a sell signal with 11 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, only five of the indicators support the bulls, showing a low bullish presence in recent hours. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.

The 24-hour Algorand price analysis shares this sentiment and issues a sell signal with 14 major technical indicators suggesting downwards movement against only six of the indicators suggesting an upwards movement. The analysis reinforces the bearish dominance while showing a mild bullish pressure across the mid-term charts. At the same time, six indicators remain neutral and do not support either side of the market.

What to expect from the Algorand price analysis?

The Algorand price analysis shows that after finding strong bullish support at the $0.6800 mark, ALGO has recovered above the $0.7250 mark and attempts a full recovery. However, the cold winds have not blown over yet and a selling pressure still haunts the short-term price movements. 

Currently, traders should expect the Algorand price analysis to move upwards towards the $0.7500 mark as the bulls attempt a breakthrough. However, a bullish breakout is unlikely as market sentiment remains negative. As such, ALGO can be expected to move sideways below the $0.800 mark.