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- The Algorand price analysis is bullish today.
- Strong support for ALGO is present at $2.07.
- The nearest resistance is found at $2.23.
The Algorand price analysis indicates some interesting facts, as the crypto pair swings wildly high and then comes down at the same rate. Today ALGO went as high as $2.81 but reverted back soon after. This is the highest ALGO has ever observed, and now the price is trading just above $2 level at the time of writing.
The last week proved detrimental for the coin’s value, as the price trend was downwards as it came down from 2.15 to $1.6 yesterday but jumped high today, showing extreme volatility.
ALGO/USD 1-day price chart: Bulls marking high scores
The 1-day Algorand price analysis shows that a good increment in price has been observed today, as now the crypto pair is trading hands at $2.16 at the time of writing, reporting 24 gain in value over the last 24 hours and percent 14 percent gain in value over the past week. The trading volume has increased by more than 174 percent today, and the market cap shows an improvement of around 20 percent, resulting in the market dominance of 0.49 percent.
According to the volatility indicator, the volatility is mild as the Bollinger bands haven’t expanded highly yet, but they do show some degree of divergence, which might increase over time if the coin continues to swing high and low. As can be seen on the chart, the price just came down below the upper limit of the Bollinger bands, which was representing top support for the crypto pair, though the upper limit of the indicator and price is almost at the same level with a very small difference, as the price function is behaving, it seems like it will go further down.
The relative strength index (RSI) has shot up steeply today from index 39 from the lower half of the neutral zone to index 59, though still in the neutral zone, the RSI indicates the buying pressure as the market is flooded with buyers at the moment.
Algorand price analysis: Recent developments and further technical indications
The 4hour Algorand price analysis shows the price movement was slow at the start of today’s session, but just recently, ALGO price spiked high to $2.81, this high for ALGO has never been observed before, but as this was an unnatural position to hold, reversal was as fast as the spike was.
The volatility indicator on the 4-hour chart shows expansion, with the upper band at $2.05, representing support for the ALGO, and the lower band is at $1.50, making an average at $1.78. The moving average (MA) is trading below the Bollinger bands average at the $1.71 mark, and the RSI is near the overbought limit at index 67, indicating a spike in buying activity.
Algorand price analysis: Conclusion
The Algorand price analysis suggests that the cryptocurrency shows some uncommon behavior today, after remaining bearish for the past week. As we know that wild swings are also a part of the crypto market and an attraction for many, however, today’s spike has helped the ALGO to recover the losses of the last week, and we expect it to trade near the $2 psychological mark today.
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.