The latest Algorand price analysis confirms that a bullish trend has been dominating the charts for the past few days. A rise in price has been observed in the last 24 hours as well, which is quite encouraging for the buyers. The price has been uplifted to the $0.354 level, as the bulls have been successfully maintaining the upwards trend line since 19 September 2022. Although the price experienced a downfall on 18 September as well, as the last strong correction was observed on that particular day. Afterward, a continuous bullish trend dominated the market, and today’s trend is bullish again.
ALGO/USD 1-day price chart: ALGO gains 10 percent overnight
The 1-day price chart for Algorand price analysis shows that the price has been appreciating today as ALGO/USD pair is trading hands at $0.354 at the time of writing. ALGO/USD has gained a value of 10.31 percent over the last 24 hours, and ALGO reports gains of 17.03 percent over the past week due to the bullish momentum. The trading volume is still on the higher side, with an increase of 34.9 percent, and the market cap has increased by 10.33 percent over the past 24 hours.
The moving average (MA) value in the one-day price chart is at the $0.315 level. At the same time, the Bollinger bands average is maintained at $0.312, while the upper Bollinger band is touching $0.345 point with the price shooting far above the upper band, and the lower Bollinger band is touching $0.279 point. The Relative Strength Index (RSI) score has improved up to index 63, nearing the overbought limit due to continuous buying activity.
Algorand price analysis: Recent developments and further technical indications
The four hours Algorand price analysis is showings signs of a solid bullish trend, as the price has increased significantly. After the last price correction observed yesterday, the trend reversed in favor of the bullish side, as the bulls were leading the price chart earlier. Nonetheless, an upward trend has been observed in the last four hours, as the price has moved up to the $0.354 level after swinging as high as $0.360. The moving average value is $0.329 on the hourly chart.
The volatility is comparatively high, with the upper Bollinger band value for the four hours price chart at $0.354 as well, whereas the lower Bollinger band value is at $0.298. The RSI score is in the neutral zone but on an upwards curve, at index 68, which is quite near the overbought limit, indicating the buying activity in the market.
Algorand price analysis conclusion
The one-day and four hours Algorand price analysis shows that the market has followed an upward trend for the day. The price improved considerably and is now touching the $0.354 mark above the upper limit of the volatility indicator, so another correction might loom. However, we expect ALGO to continue upwards movement for today.
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Source: https://www.cryptopolitan.com/algorand-price-analysis-2022-09-22/