We anticipate ALGO/USD to spike further in the next 24 hours

TL;DR Breakdown

• Algorand price analysis is bullish today.
• The most substantial resistance is present at $$1.83.
• Strong support is available at $1.33.

Algorand price analysis is bullish today as the ALGO/USD price exceeds the $1.44 mark again and as the currency gained stronger support and refused to fall below the $1.35 mark. After today’s decline to the $1.43 mark, the bullish momentum has been maintained.

As a result, ALGO reports an increase in price value by 3.25 percent during the last 24 hours but is at a loss of 16.01% over the past seven days. The cryptocurrency has been suffering fluctuation for the last 24-hours but appears to have attained stability for now. There is a lot of potential for XMR to break the $1.87 resistance. Still, it could drop back down below $1.40 should the momentum not sustain itseThe 23.6% Fib retracement level provides the resistance zone level with the previous swing high of $1.87 and a low of $1.33. price-adjustedsted lower after facing the resistance zone, but the selling momentum was reduced immediately as it approached the 23.6% Fib retracement level.

The major support of ALGO/USD is still at $1.33. Still, it would be interesting to see if the price sustains itself above that mark during today’s trading sessions or not since there is a variety of support zones between $1.35 and $1.30, while the major resistance zone remains at $1.44-$1.45 mark for now.

ALGO/USD 4-hours analysis: Latest developments

The Algorand 4-hour price analysis reveals that the bears have recovered after 3 hours of bullish momentum, signifying a bearish trend. Selling pressure grows as buying activity begins to outweigh it. The upper limit of the Bollinger band is at $1.51, which acts as a significant barrier for ALGO. The lower limit of the Bollinger band is $1.40, which is below the current market price of ALGO/USD.

ALGO/USD 4-hours price chart source: Trading view

The 4-hour RSI indicator has fallen to 40 after reaching 80, an overbought zone. This indicates that there are no more signs of bullish momentum, and therefore, it appears that bears have started winning the battle again. The MACD 4-hour indicator is at a negative territory and downward trend, with volatility being relatively high.

The latest developments show that the bears have started to gain momentum once more as price decline accelerates. However, it remains uncertain whether the currency will continue to fall since there are no signs of major resistance zones.

The downward trend of ALGO/USD has just recently passed beneath the Moving Average curve, implying a bearish trend. The price appears to continue downwards but will be halted by the strong support at $1.33. Devaluation is expected to continue.

Algorand Price Analysis: Conclusion

The Algorand price analysis is bullish today. After the bears took control for a short time, the ALGO/USD are attempting to keep a rising trend. According to the analysis, the bulls have returned to the battleground, and they appear poised to win it.

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.