Algorand (ALGO) Bounced Back, Can Bulls Cross $0.2500 Hurdle?

• 1 ALGO coin price bounced off the 200-Day EMA and is gaining momentum.
• 2 The coin replicates bullish sentiments and is readying to approach $0.2500 soon.

Algorand (ALGO) price represents a bounce from the 200-Day EMA mark and surged over 40% this month, showing a bullish outlook. The price action signified the recovery, as the bulls are attempting to carry forward the gains. However, the $0.2500 supply region is a strong hurdle that bulls are targeting. The trend is favoring the bulls, and further upward movements can be anticipated.

Algorand coin price has escaped the key moving averages and is sprinting toward the $0.2500 mark. Moreover, the price action revealed follow-on buying momentum, displaying a rise in investor interest. Followed by the market surge, the coin participated in the rally and decisively upheld the gains. Per the Fib levels, the coin has jumped above the 23.6% zone and is close to the 38.2% zone.

The Algorand coin (ALGO) price was at $1.12 at press time, with an intraday drop of 4.33%, showing neutrality on the charts. Moreover, the trading volume has increased by 47.28% to $130.29 Million. Algorand coin has a weekly return ratio of 16.78% and 34.10% on a monthly basis. The pair of ALGO/BTC is at 0.00000352 BTC, and the market cap is $1.75 Billion. Analysts are neutral and suggest that the ALGO coin price will continue to extend the gains and may retest $0.2500 soon.

ALGO Displays Rebound, Is A Breakout Ahead?

Source: ALGO Price Chart By TradingView

On the daily charts, the coin delivered a sharp bounce and retained the gains above the $0.2000 mark, suggesting that the bulls are accumulating. Furthermore, the buyers have gained strength and are readying to trap the sellers. The make or break zone is near $0.2500, which, if surpassed, the coin may rally toward $0.3000, otherwise, it may hit the $0.2000 mark.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate bullish crossover and buyer dominance. Furthermore, the indicators convey a bullish outlook, and the coin may continue to rise in the coming sessions.

Algorand Exhibits Rounding Bottom Pattern, Can Bulls Scratch $0.2500?

Source: ALGO Price Chart By TradingView

On the weekly charts, the ALGO coin depicted a rounding bottom formation and has split the 20-day EMA mark, delivering buying momentum. The bulls look aggressive and persist in accumulating, and they are heading to crack the upside hurdle of $2.50. Meanwhile, the mighty bears are getting in trouble and are now covering their positions and in fear.

Summary

The Algorand coin (ALGO) price escaped the $0.200 mark and depicts higher high swings, replicating bullish sentiment on the charts. Moreover, the trend is intact, and bulls will continue to lift the gains and may reach $0.2500 soon.

Technical Levels

Support Levels: $0.2000 and $0.1800

Resistance Levels:$0.2500 and $0.2800

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.

Adarsh ​​Singh

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.

Source