Brussels, Europe Brief News – Every investor likes to follow Algorand price analysis over the last 24 hours. It usually gets a mixed reaction as the market is in search of something meaningful. ALGO has recently opened at $0.9441 and will go as low as $0.9441.
As the selling pressure will increase with the corrective rally, the support level for ALGO will also increase. It will get a strong reaction from both sellers and investors both. The resistance will be found at $0.9641 and $0.9800.
If we talk about the technical indicator on the 1st-day price, the chart signals a strong sell-off with the RSI. Currently, the RSI stands at 33. MACD will display a negative crossover that indicates a loss in the prices.
Stochastic RSI in overselling the territory seems challenging. It can be rebound sooner than expected. Moreover, the EMAs will slope downwards and it signifies the dominance of sellers in the market.
Algorand Price Analysis On A 4-hour Price Chart
The market trend is sideways for now and ALGO/USD bulls need to have a break above $0.9641 and $0.9800. Now is the time for a reversal to take place. If we talk about the price chart for Algorand, the four different timeframe displays the new trends in the market. RSI will indicate that the market is reaching equilibrium. While the MACD is making a bullish crossover.
Stochastic RSI will oversell in the territory and will rebound soon. The EMAs will slope upwards which shows the current market trend is in the favor of bulls. There is no doubt that the volatility for ALGO/USD is increasing every day. It is an indication from the Bollinger Bands too. Moreover, the upper band of Bollinger will soon approach the resistance level.
No doubt, the overall sentiment surrounding the Algorand market is bearish. The price level is tested at various intervals. Investors can see that testing the $0.8950 support level in the future may give mixed results. The Algorand Price analysis may break above $0.9641 and $0.9800. The reversal must take place. Even bears are targeting $0.8950 will offer the next key support level.
However, bulls seem to take control over the market as the prices are volatile. These prices may not fall below the $0.9083 support level. There is a possibility for a breakout above the resistance level. It means that the price may reach around $1.0000 in the short term.
