Algorand price analysis: Can ALGO recover to $1.00 key level?

TL;DR Breakdown

• Algorand price analysis suggests sideways movement below $1.00.
• The closest support level lies at $0.9018.
• ALGO faces resistance at the $0.9565 mark

The Algorand price analysis shows that the asset’s volatility has plummeted significantly since crashing to the $0.800 mark. Moreover, while the asset swiftly recovered the $0.900 mark, it is unlikely to break through the $1.00 key level as the strong selling pressure persists. Furthermore, the low trade volume prevents the bulls from generating enough momentum to break above the price level.

The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include ATOM and HBAR recording a 5.93 and a 5.90 percent incline respectively. 

Algorand price analysis: Bulls unable to find momentum

Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. However, the indicator shows low bearish momentum at press time as observed in the short height of the MACD. Furthermore, the lighter shade indicates that movement above $0.9600 would cause a bullish crossover across the 4-hour charts.

The EMAs are currently trading close to the mean position as ALGO observes low net movement over the past few days. Currently, both EMAs trade below the mean position showing slight bearish dominance and while the 12-EMA moves upwards, the 26-EMA is yet to react to the recent bullish activity. As such, the 26-EMA moves horizontally suggesting a bullish crossover. 

The RSI was trading low in the neutral zone but now hangs close to the mean position at 50.00 index units. The indicator hovers at 51.67 index units and moves upwards with a gentle slope suggesting that while the bulls are trying to fight back, strong bearish pressure still weighs on the price action, Furthermore, the indicator’s position suggests room for further upwards movement across short-term charts. 

The Bollinger Bands are currently narrow and show further convergence as the price action consolidates around the $0.9500 mark. At press time, the indicator’s bottom limit provides support to the bulls at the $0.9018 mark while the mean line presents resistance at the $0.9565 mark. 

Technical analysis for ALGO/USDT

Overall, the 4-hour Algorand price analysis issues a sell signal with13 of the 26 major technical analysis showing support to the bears across the timeframe. On the other hand, only three indicators support the bulls, suggesting 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 also issues a sell signal with 12 indicators supporting a downwards price movement against only four suggesting further upwards movement. The analysis reaffirms the bearish dominance over the Algorand price action. At the same time, ten indicators remain neutral supporting neither side. 

What to expect from the Algorand price analysis?

The Algorand price analysis shows that after crashing from the $1.800 mark, the price observed a freefall to the $0.8000 mark where it found strong support that has enabled the price to recover. Since recovering the $0.9500 mark, ALGO has observed little vertical activity as the price action consolidated around the level

Currently, traders should expect the Algorand price analysis to move below the $1.00 mark as the broader market recovers from the crypto crash. The mid-term technical analyses also show support to the bears but the short-term technicals suggest that further downwards movement is unlikely. As such, traders should expect sideways movement between $0.900 and the $1.000 mark.