- Algorand’s outlook presents a bullish picture today.
- ALGO faces resistance near $0.7723.
- Algorand’s price established stable support near $0.6796.
Algorand’s price outlook reveals bullishness today, following a 4.43% 24hr increase to $.7126. That comes after the alternative token plummeted towards the $0.6893 lows. For now, the token trades inside the two crucial levels between $0.7723 and $0.6796, which serves as resistance and foothold, respectively.
For now, ALGO faces resistance at $0.7723, the 61.8% FIB retracement zone of the latest move to $0.7126 from $0.6893. Nevertheless, bulls amplifying their actions to overcome this zone will welcome upticks towards $0.8050.
The initial foothold to the downside stands at $0.6796, the 50% FIB retracement of the latest more to $0.7126 from $0.6893. Losing grounds at this level might trigger drops to $0.6500.
Algorand’s trading volume uptick to $702,429,018.21, whereas the market capitalization hovers at $4.7 billion. Bulls ensured massive action to escape the bearish momentum, and they seem to continue the move today.
Algorand 1-Day Timeframe – Bulls Runs Stops Beneath Resistance at $0.7723
ALGO price outlook shows the token maintained bullish moves within the previous 48 hours as it climbed to $0.7126 from $0.6893. Nevertheless, bulls could not keep pace beyond $0.7723, a massive resistance level.
The Relative Strength Index at 59.43 shows the marketplace is neither oversold nor overbought. Nevertheless, the Moving Average Convergence Divergence nears the zero-line from below, suggesting bullish strength might magnify in the short term.
The 50 SMA on the daily chart stands at $0.7065, sitting beyond the 200 SMA of $0.6973. That shows ALGO’s road with fewer hurdles is the upside one, and the token will likely extend high in the near term. This bullish move might last as technical indicators suggest northward actions before downside correction.
Final Thought
Algorand exhibits bullishness as bulls maintained the alt beyond the support floor at $0.6796. Analysts expect the alt to continue uptrends as all technical indicators display northward motion. Nevertheless, falling beneath $0.6796 might mean plunging to the $0.6500 mark. The bullishness emerged after a consolidation phase and might persist for some time.
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