Algorand’s chart is bullish at the time this article was written. Fifa’s governing body announced Algorand to be the official blockchain partner of the World Cup competition. This will take place in November. Since that announcement, positive price movements have been observed for the coin.
The traders might have taken that chance to gain entry points after the coin broke through the $0.66 support level. The news of Fifa’s World Cup news snatched that opportunity away from traders.
The coin rose by nearly 14% in a short time. Algorand broke through its immediate price limits and may now aim to overcome other resistances by a bullish price movement. This new development has led to substantial increases in purchasing strength.
The Four-Hour Algorand Price Analysis Chart
Algorand’s price was $0.704 as of the writing. The four-hour chart shows a trendline of descending resistance. Since April, bears had seized the market. Buyers remained cautious about the asset, with periods of increasing buying pressure at the middle.
At $0.664, the immediate support was available for the coin. Although the resistance line above was used by ALGO, it became a support area for the coin. ALGO’s immediate resistance was at $0.77. The coin then reached $0.80. At that point, the coin could potentially eye $1.
Because there’s been an improvement in purchasing strength, traders have responded well to this development. ALGO might trade as low as $0.560 should there be a pullback. As buyers outnumbered sellers, the trading volume for the coin was green at the time.
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Technical Analysis
ALGO’s price was noticed parked higher than the 20-SMA, which indicates that the market is bullish. It indicated that buyers were driving the market’s prices as it gained momentum. It was seen that the asset traded above 50 SMA, which can also be considered bullish.
The Relative Strength Index showed a rise in the coin indicator. RSI reached the overbought area during the most recent trading sessions. Eventually, a price correction occurred. As of the writing date, both the bullish market and the purchasing strength remained strong.
MACD went through a bullish crossover, flashing green signal bars. It determines market momentum and current conditions. ALGO’s bullish reading indicated that the MACD was showing positive signals. This means that ALGO can target moving north in the coming trading sessions.
Awesome Oscillator, which showed a bullish price action, was also bullish. Following a string of red histograms the indicator produced a single, green histogram. AO’s reading established that ALGO could attempt to rally again over the next trading sessions.
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Featured Image from UnSplash. Chart by TradingView.com