ALGO/USD Is Experiencing Difficulty as It Attempts Moving Upwards

ALGO/USD price activity triggered selling pressure when it reached nearly $0.4361. Ever since then, price activity seems to be finding it hard to recover from the effect of downward pressure. However, it appears as if this market is presenting to us something to carefully examine.

ALGO Forecast Statistics Data:
ALGO’s current price: is $0.2803
Algorand market cap: $1.88 billion
Algorand circulating supply: 7.11billion
ALGO total supply: 7.33 billion
Algorand Coinmarketcap ranking: #28

Crucial Price Levels:
Resistance: $0.2803, $0.2860, $0.2900
Support: $0.2780, $0.2750, $0.2700

Algorand Price Prediction Today, November 21, 2022: ALGO/USD Loses Most of Its Gains

After price action tested the floor level of the Bollinger indicator, the ALGO/USD market reacted with a moderate upward pullback in price. However, not too long afterward bears delivered a punch to price movement, and this caused the market to bleed out most of its gathered profits. Additionally, the MACD curve has fallen below the equilibrium level, nevertheless, it has attempted a bullish crossover but seems to have been dented by the appearance of the bearish price candle. Eventually, this has tinted upside hope in the short term.

Algorand Price Prediction Today, November 21, 2022: Is ALGO/USD Gathering Upside Strength?

ALGO/USD price action on the 4-hour market appears to be picking up minimal gains near the Moving Average curve of the MA. At the same time, the Moving Average Convergence Divergence indicator limes have crossed the equilibrium level to the upside. Following this, the indicator has also given another bearish crossover above the equilibrium point. However, the recent gains, seem to be resisting the downward movement of the indicator lines. Consequently, if the bulls can present enough push in this market, this may initiate a price pullback toward $0.2870. Otherwise, we may experience price fall towards the $0.2750 level.

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