ALGO/USD has been forming slightly higher lows since the market found the $0.2826 support level on the 27th of August. In yesterday’s market, we can see that price action has found a new support level at $0.2928 which is higher than the previous support level. This signifies the beginning of a bullish market trend.
Algorand Market Price Statistic:
- ALGO/USD price now: S0.3346
- ALGO/USD market cap: $
- ALGO/USD circulating supply:
- ALGO/USD total supply:
- ALGO /USD coin market ranking: #
- Resistance: $ 0.3500, $0.3750, $0.40000
- Support: $0.3171, $0.30000, $0.2741
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Algorand Market Price Analysis: The Indicators’ Point of View
Looking at the trend lines, we can see that the price actions had formed a falling wedge triangle pattern. When the market behaviour on the chart forms this pattern, the significance of it is a bullish reversal. And since yesterday, we can see how the market is now trending up with very strong momentum. This gives the impression that the market will go higher and higher to the upside.
In the MACD indicator, there is a very strong histogram that is representing today’s trading activities and this bullish histogram signifies a very strong bullish market. The MACD line has now crossed above the point zero (equilibrium point) of the indicator by a difference of 0.0003. This bullish trend has just passed the second test by crossing above point zero of the MACD which confirms the market’s bullish strength. The next test is that it must rise above the histograms. The RSI indicator has also recorded a market strength of 58.5%. And from the outlook of the RSI line, the market is still very much on the rise.
Algorand: ALGO/USD 4-Hour Chart Outlook
After the standoff between bulls and bears of the last session of yesterday’s market, today’s first session opened with a very strong bullish momentum that brought the price near the $0.3500 resistance level. At this price level, the RSI recorded an overbought market. This justifies the bearish reversal that followed this session. However, we can see that those bearish candles are not as strong as the bullish ones. That means buyers are still in control of the market. The MACD in this timeframe has passed the third test bullish market. It has risen above the histogram.
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