Algorand Price Analysis: ALGO Gearing Up for a Massive Rally?


  • ALGO/USD trades near $0.35.
  • The EMA(50) is currently at $0.33.
  • The current trading volume of Algorand is at $135,758,841.00.
  • Algorand has a medium term resistance at $0.42.

03 October 2022 : In this article we will walk you through Algorand price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Algorand, Is ALGO a good investment? Algorand support & resistance levels etc. But before diving deep into the ALGO technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $938,674,107,757. The total trading volume stands at $53,771,713,429. Bitcoin shares 39.72 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,449.78 level after an upward movement of 1.29%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.85 percent reaching to $1,321.44 during the previous 24 hours.
While publishing this blog, BNB traded at $287.58, following a price change of 1.59% within the same time frame. XRP the native coin of XRP is down by -1.56 and currently trading at $0.45. Additionally, Cardano reached $0.43 after seeing a uplift of 0.31% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Algorand Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Algorand (ALGO)

ALGO Resistance Levels ALGO Support Levels
Resistance Level 1 $0.39 Support Level 1 $0.33
Resistance Level 2 $0.42 Support Level 2 $0.30
Resistance Level 3 $0.45 Support Level 3 $0.27

Algorand Performance

The daily chart of Algorand shows that the ALGO price has a downward movement with a -2.37% decrease in past 24 hours. The price value of the Algorand (ALGO) coin is standing at $0.35 with market capitalization $2,434,301,050.00 USD. ALGO price changes -3.04% over the week while the trading volume is hovering around $135,758,841.00 USD.

Algorand Price Analysis

ALGO price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Algorand.

Moving Averages Price Indicator
Simple Moving Average (10) 0.37 Sell
Exponential Moving Average (10) 0.36 Sell
Simple Moving Average (20) 0.34 Buy
Exponential Moving Average (20) 0.34 Buy
Simple Moving Average (50) 0.32 Buy
Exponential Moving Average (50) 0.33 Buy

The relative Strength Index (RSI) indicates that the ALGO coin is in heading towards overbought zone, as RSI is at 68. In accordance with the conventional pivot, the crucial immediate resistance for ALGO may be found at $0.39, followed by $0.42. In the meantime, the cryptocurrency's support levels were located at $0.33 and then $0.30. The ALGO/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. While ALGO’s Williams %R indicator is at -46.633 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

There had been a negative trend for some time and it seems that the coin's recuperation will continue as long as it remains in the reddish area. You should only acquire crypto right now if you're prepared to hold it through the ups and downs of the crypto market.