Is Algorand (ALGO) a Buy at This Price?

2023-3-9 15:00

The Algorand (ALGO) price is approaching a crucial support level at $0.19. A bounce is likely once it gets there.

ALGO is the native cryptocurrency of the Algorand blockchain, a proof-of-stake blockchain that deals with smart contracts. The Algorand price has decreased since breaking down from and validating an ascending support line (red icon) as resistance (red icon) on Feb. 21. 

The downward movement was preceded by bearish divergence in the daily RSI (green line). The indicator is now below 50, a sign of a bearish trend.

Interestingly, the price has not bounced at all since the downward movement began, and actually fell below the 0.618 Fib retracement support level on March 8. This is a bearish sign that shows a lack of strength for buyers. 

The next closest support area is at $0.19. If the ALGO token price fails to bounce at it, it could fall to its yearly low near $0.16. 

ALGO/USDT Daily Chart. Source: TradingView Algorand (ALGO) Falls Sharply After Breakdown

A closer look at the technical analysis from the six-hour chart shows that the two portions of the decrease nearly have a 1:1.61 ratio. This is common in both A-B-C correction (black) and five-wave downward movement (red). A 1:1.61 length would also coincide with the previously outlined $0.19 support area.

Therefore, the ALGO price is expected to reach it. However, the is no bullish divergence in the six-hour RSI that would indicate a reversal is near. 

So, the reaction once the price gets to $0.19 will likely determine the future trend’s direction. A considerable bounce would mean that the correction is complete and new highs will follow. On the other hand, a weak bounce would mean that the trend is still bearish, and the price will fall below $0.16. 

An increase above the previous low of $0.23 (red line) would mean that the correction is complete.

ALGO/USDT Six-Hour Chart. Source: TradingView

To conclude, the most likely ALGO price forecast is a drop to $0.19 followed by a bounce. The shape of the bounce will likely determine the future trend. A weak bounce would mean that the trend is bearish, and the price will fall to $0.16. On the other hand, an increase above $0.23 would mean that the correction is complete, and the ALGO price will increase to $0.30.

For BeInCrypto’s latest crypto market analysis, click here.

The post Is Algorand (ALGO) a Buy at This Price? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price algo algorand buy future trend beincrypto

price algo → Результатов: 105


Фото:

2 Altcoins That Could Soon Break Out

ALGO has reclaimed a long-term support level and created a bullish reversal pattern. RSR is attempting to break out above a very important resistance level but has yet to do so. Algorand (ALGO) The possibility of the ALGO price moving upwards was shown by @damskotrades, and it shows that the price has just reclaimed the […] The post 2 Altcoins That Could Soon Break Out appeared first on BeInCrypto.

2020-5-27 17:50


Algorand’s ALGO token listing on Coinbase Pro, price jumps 11.85%

The Coinbase Pro announcement of Algorand’s ALGO listing pushed the price up from $0. 727 to $0. 814 within 40 minutes, an 11. 85 percent increase—and wicking the price as high as $0. 841. Algorand—a Boston-based blockchain company created to improve blockchain decentralization, scalability, and security—made the news last month after it completed a $60 million token sale.

2019-8-10 03:55