- The Algorand price prediction favors the bulls and suggests a long-term upside.
- Algorand price rises above the 50 day EMA, the short-term trend is reversing to the upside.
- Algo Price consolidates in a tight range for the base formation.
Algorand price prediction is bullish in the long term until it sustains above the $0.1800 support level. Algorand price rallied about 30% from the recent low and managed to rally above the 50 day EMA. It shows that the short-term trend is reversing in an upward direction and the buyers seem to be getting back on track.
The ALGO price is still below the 200 day EMA, which could act as a strong headwind in the coming months. Algo price had tried several times to break the $0.2400 level but was rejected, indicating that the bears are active in the supply zone. Therefore, it will be difficult for the bulls to expand to the upside.
Algorand price is trading at $0.2305 with an intraday decline of -0.39% and the 24-hour market volume to market cap ratio is 0.0396. The ALGO/BTC pair is trading at 0.00000762 with an intraday drop of -0.52%. In the month of February, Algorand Price flashed a bearish double top pattern and received a rejection from the $0.3000 level. Later, prices began to decline making lower lows and broke the neckline of the double top pattern which invited further decline.
Will Algorand Price see upward range expansion?
Algorand The price corrected 40% from the $0.3000 high and lost most of its previous gains. In mid-March, the Algo price decline stopped at $0.1800 and closed the session by forming a Doji candle.
Algorand crypto got a positive response from buyers and prices made a U-turn from the demand zone. However, the markets lost momentum near the 50 day EMA and got stuck in the tight consolidation range. Meanwhile, the increase in purchase volume is visible, indicating that buyers are more active compared to sellers. Technical analysis suggests that the Algorand price is consolidating for the base formation and the probability of an ascending range expansion is high.
When does the price of SOMETHING gain momentum?
ALGO price is up roughly 6.70% on a weekly timeframe and manages to break the previous week's high at $0.2240. However, Algorand price will gain momentum when the buyers manage to break through the $0.2400 hurdle. On the other hand, if Algo price dips below the $0.1800 support, then the bears may try to drag it towards the yearly lows.
Technical indicators like MACD had generated a positive crossover indicating that the uptrend would continue for longer. The RSI at 56 pointing north denotes that prices are rising from neutral territory.
Conclusion
The Algorand price prediction suggests a long-term rally until prices sustain above the $0.1800 support. ALGO price formed a solid base at $0.2000 and buyers appear to be more active compared to sellers.
Technical analysis suggests that the Algorand price is under bullish control and consolidating for longer-term base formation. Therefore, if ALGO price breaks above the $0.2400 hurdle, the probability of a test of the $0.3000 level will increase substantially.
technical levels
Resistance levels: $0.2400 and $0.3000
Support levels: $0.1800 and $0.1600
Disclaimer
The views and opinions expressed by the author, or any person named in this article, are for informational purposes only. They do not provide financial, investment or other advice. Investing in or trading crypto assets carries a risk of financial loss.
