Algorand Price Analysis: ALGO price faces strong rejection at $0.75 mark

Algorand Price Analysis: ALGO price faces strong rejection at $0.75 mark

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2022-04-20 06:58:52

Algorand’s price analysis shows a positive market trend with a strong rejection at $0.75. There is strong support at $0.7075. The price has started to gain traction as the bulls bounce back after a short period of sideways price movement.

The bulls have returned to establish a strong defense at $0.7075 as the price bounced back from this key support area. The market looks poised to move towards $0.80 in the short-term if the bulls regain control of the price and break through the $0.75 mark.

Algorand Price Movement on 1-Day Chart: Bulls Turn Back

On the 1-day price chart we can see that the prices are in a solid uptrend as they make higher highs and lower lows. The price recently established a new all-time high at $0.7537 before meeting a rejection and falling below the $0.75 mark.

The market has formed an uptrend line and the price is expected to continue pushing higher. The $0.7075 support needs to hold to keep the market sentiment positive. Algorand price analysis shows that a breakdown below the $0.7075 support could lead to further losses in the ALGO market.

1-day ALGO/USD price chart, source: TradingView

The RSI is currently above the 50 level, showing the bulls’ ability to control market momentum. The MACD indicator is also in an uptrend as the price is trading above the signal line. The moving averages show a bullish crossover as the 20 EMA trades above the 50 EMA.

Algorand Price Analysis 4-Hour Price Chart: Key Support at $0.7075

On the 4-hour price chart, the price has been trading in a sideways range for the past few days. The price declined from a high of $0.7537 to find support at $0.7075. The market has now recovered and is currently trading at $0.7373.

The key support to watch is at 0.7075. A breakdown below this level could lead to further price declines. To continue the uptrend, the market needs to break through the $0.75 level.

ALGO/USD 4-hour price chart, source: TradingView

The RSI is currently around the 50 level, showing that market momentum is neutral. The MACD is also in the neutral zone when the price is trading around the signal line. The moving averages are currently in an uptrend as the 50 EMA is above the 200 EMA on the 4-hour price chart.

Conclusion of price analysis of Algorand

Algorand’s price analysis shows that the market is in an uptrend as the price has made higher highs and lower lows. The price is currently trading at $0.7373 but a break above $0.75 may be needed to resume the uptrend. The key support to watch is at $0.7075. However, the market could correct lower if there is a break below this level.



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