TL;DR Breakdown
- Algorand price analysis is bullish.
- Strong support is present at $0.766.
- Resistance for ALGO/USD is present at $0.820.
The most recent Algorand price analysis confirms an increasing trend for cryptocurrency today as the coin value has leveled up. Yesterday some correction was recorded in the price level, but overall the price of ALGO/USD has been rising for the past week as a continuous bullish wave seemingly took over the market. The price followed a bullish movement in the past 24-hours as well, and now it is standing at a $0.809 high. Chances of further bullish growth seem quite near as the bearish resistance is very low.
ALGO/USD 1-day price chart: Bullish rally advances towards its next destination
The one-day Algorand price analysis confirms a strong bullish trend for today as the coin value has undergone a considerable improvement. The effort from the buyers’ side remained commendable and persistent throughout last week. And today, the circumstances were again in support of the bulls as the price covered an upward movement up to $0.809 high. In this way, it has been maintaining its level above its moving average (MA) score, which is currently $0.739.
The volatility in the one-day price chart is decreasing, which is quite discouraging news regarding the upcoming price trends; however, today’s jump in price may change the trend. The upper Bollinger band now rests at $0.816 high, and the lower Bollinger band is found at $0.675 low. The Relative Strength Index (RSI) score has reached index 53 as it continues to move higher in the neutral zone.
ALGO/USD 4-hours analysis: Latest developments and further technical indications
The hourly Algorand price analysis favors the cryptocurrency buyers as a strong rise in ALGO/USD value was detected in the past few hours. The bulls have been dedicated to rewin their leading position over the market, and so far, their progress has been fascinating. The price experienced a rise to $0.809 in the last four hours because of the upturn. At the same time, the price crossed the Bollinger band upper value, i.e., $0.0.805, due to the upwards trend.
Although a strong bullish trend was controlling the market, there were instances where the bears got control. But now it seems that the situation has again turned in favor of the buyers. The Bollinger bands indicator shows the following values in the hourly price chart; the upper value is $0.805, whereas the lower value is $0.727. The RSI score has enhanced up to index 68 because of the uptrend.
Algorand price analysis: Conclusion
The bulls have been reigning high, as confirmed from the above one-day and four-hour Algorand price analysis. An overpowering bullish wave dominated the market in the past 24-hours as well, and the price has increased up to $0.809. The bullish current is expected to continue in the upcoming hours.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/algorand-price-analysis-2022-03-21-2/