ALGO/USD Preparing for A Bullish Reversal

 ALGO/USD has formed support at the $0.2938 price level. The price pumps strongly in the early hours of today’s trading session. But even though the selling pressure is becoming stronger and stronger as time progresses, there is the possibility that buyers will regain more control in the market. We can confidently say this as we observe the trend of the market, we know that as the price has formed the support at $0.2938 it will rise.

 Algorand Market Price Statistic:

• ALGO/USD price now: $0.3105
• ALGO/USD market cap: $2,146,111,214
• ALGO/USD circulating supply: 6.9Billion
• ALGO/USD total supply: 7,340,494,441
• ALGO /USD coin market ranking: #29

Key Levels

• Resistance: $0.3251, $$0.3500, $0.3787
•  Support: $0.2650, $0.2500, $0.2400

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Algorand Market Price Analysis: The Indicators’ Point of View

According to the MACD, the market price of Algorand started its journey to the upside on the 2nd of September when the MACD line crossed the MACD signal line. To confirm this market as being bullish, the two MACD lines must cross above the indicator’s zero point. But the MACD line rebounds to a lower level after it touches the threshold of the indicator’s zero point. As a result of this, the signal line slowed down and begins to range at an almost horizontal level. The strong bullish move in the market today spiked up the line again and it is heading upward. In the RSI, the faster line and the slower line are near the threshold of 50%. This means that the market, though on the downside, is preparing to move to the upside. Price action just needed to cross the demarcating border between the uptrend market and the downtrend market.

Algorand: ALGO/USD 4-Hour Chart Outlook 

The strong bullish momentum in the market today started in the second session of the 4-hour chart timeframe. The first session was a gridlock market between bears and bulls. But the selling pressure is now increasing in the third session. At the moment, the buyers are holding up against sellers as they continue to mount pressure. The price seems stable for now at the current price.

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