TL;DR Breakdown
- Coin value is now standing at $0.964.
- Algorand price analysis shows upturn.
- Support is stable at $0.719.
The recent Algorand price analysis shows an upward trend for the day as the bulls were able to secure their lead once again. The cryptocurrency faced bearish resistance in the earlier days, but now the bulls are back on track. The price levels have been raised to $0.964 high due to the latest upturn. The ALGO/USD value is expected to travel even higher in the upcoming week if the bulls progress continuously.
ALGO/USD 1-day price chart: Price bounces back to $0.964 as bulls strike back
The one-day Algorand price analysis predicts a bullish trend for the cryptocurrency, as a considerable amount of coin value was observed. The price underwent a decline earlier this week, but now the bullish momentum has been restored. The short-term trending line is moving upwards as the price leveled up to $0.964 once again. If we move on towards the moving average (MA) value, it is standing at $0.948 low.
The volatility is increasing, which suggests that a downfall in price might occur in the next few days. The upper band of the Bollinger Bands Indicator is present at $1.545 high, whereas its lower band is present at $0.719 low. The Relative Strength Index (RSI) score has escalated to 33.73 due to the bullish return.
Algorand price analysis: Price finds stability above $0.962 after bullish comeback
The hourly price prediction for ALGO/USD favors the bulls as a significant improvement in coin value is observed. Green candlesticks are marking a strong rise in the price as it has just crossed the $0.962 barrier as well. There have been constant fluctuations in the market trends for the past few hours, but currently, the bulls have the upper hand. The moving average is quite low compared to the price levels, i.e., $0.946.
A crossover between SMA 50 curve and the SMA 20 curve was recorded earlier, but now the bulls have rescued the price from further fall. The upper and lower Bollinger Bands Indicator’s values are that the upper extreme is at $1.00 whereas the lower extreme is at $0.92. The RSI score is in the neutral zone, i.e., 52.46, and is expected to travel higher if the uptrend resumes.
A constant drop in the market value of ALGO/USD has been observed throughout the past few months. This is further confirmed by the technical indicators chart, which gives out a bearish signal for the cryptocurrency. Fourteen indicators are sitting on the selling position; ten are on the neutral, whereas only two are on the buying position.
The Moving Averages Indicator dictates a strong drop in price by giving a clear signal for the sellers. A total of 13 indicators are on the selling point, while one indicator is standing on the neutral and buying positions. The oscillators show a neutral sign as nine oscillators are in the neutral position while one indicator each is in the selling and buying positions.
Algorand price analysis conclusion
The given one-day and four-hour Algorand price analysis indicates an increasing trend for cryptocurrency today. The price moved past the $0.964 hurdle in the last 24-hours, and further recovery should be expected. Whereas the hourly price chart shows a green signal, the price just hit the $0.962 peak.
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Source: https://www.cryptopolitan.com/algorand-price-analysis-2021-01-31/