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The weekly chart shows ALGO, the native crypto of Algorand, started in the green area before falling into the red zone. However, a few days later, ALGO escaped from the red zone cave before running into the eternal sunshine of the green zone. ALGO is currently priced at $0.2572, after experiencing a surge of 4.96% in a week, at reporting time. The Market Cap stood out at $1,857,353,666 but witnessed a fall of 3.88% in 24 hours.
Moving into the four-hour chart, ALGO, just like most cryptos, was surviving the crypto winter. The new year saw many cryptos rising after escaping the deadly grasp of the bear’s claws. ALGO, in mid-January, also witnessed a golden cross as 50 EMA and 200 EMA met each other. This was the start of a bull run for ALGO.
Currently, ALGO is struggling to stay afloat above the 50 EMA. As the 50 EMA and price remains to be above the 200 EMA line, it gives out an indication that it is currently in the bull run. The 200 EMA line is currently lurking around the Support 2 region, acting as a support for the price, making it less likely for ALGO to face a fall. However, if the 200 MA breaks that position, ALGO can expect to face a free fall into the Support 1 region.
The Relative Strength Index (RSI), which is below the SMA, is valued at 46.35, which could be considered a neutral zone. If the RSI keeps falling, ALGO will reach the oversold region, a perfect time when traders would be willing to buy. However, if the RSI rises and traverses into the overbought, traders would consider selling ALGO.
With RSI below the SMA, it could also be considered that ALGO might face a correction soon. However, traders should be cautious when taking a position, as the ALGO could rise to reach Resistance 1 or the price fall to Support 2.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.