Algorand is a blockchain platform that facilitates the creation of innovative financial products. It <a href="https://www.cryptoknowmics.com/news/algorand-releases-version-10-of-the-algo-builder-software/">aims to integrate decentralized and conventional finance</a>. It also allows users to build and create non-fungible tokens, stable coins, and digital assets. ALGO is the prime governance token of this network. Let us look at the technical analysis of ALGO.
<h2><b>Past Performance</b></h2>
On Jul 14, 2021, ALGO opened at $0.875. On Jul 20, 2021, ALGO closed at $0.697. Thus, <a href="https://www.cryptoknowmics.com/news/algo-technical-analysis-price-is-likely-to-fall-below-075/">in the past week</a>, the price has decreased by roughly 20%. In the last 24 hours, ALGO has traded between $0.678-$0.73.

<img class="shrinkToFit" src="https://s3.tradingview.com/snapshots/v/VJ4dc7ce.png" alt="https://s3.tradingview.com/snapshots/v/VJ4dc7ce.png" width="1064" height="503" />

<a href="https://s3.tradingview.com/snapshots/v/VJ4dc7ce.png">https://s3.tradingview.com/snapshots/v/VJ4dc7ce.png</a>
<h2><b>Day-Ahead and Tomorrow</b></h2>
Currently, ALGO is trading at $0.729. The price has increased from the day’s opening price of $0.697. Thus, the market seems bullish.

The <strong>MACD and signal lines</strong> are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.

Currently, the <strong>RSI indicator</strong> is at 73%. It faced rejection at 71% and rose to the current level. Hence, buying pressures are extremely high. High buying activity will exert upward pressure on the ALGO price.

Besides, the <strong>OBV indicator</strong> is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further. In short, all three oscillators have given bullish signals.
<h2><b>ALGO Technical Analysis</b></h2>
Currently, the price is above the <strong>first Fibonacci pivot resistance level</strong> of $0.724. The price may soon breach the <strong>second</strong> and <strong>third Fibonacci pivot resistance levels</strong> of $0.738 and $0.759, respectively.

Currently, the price is above the <strong>23.6% FIB retracement level</strong> of $0.722. It may soon break out of the <strong>23.6% FIB extension level</strong> of $0.748. Thus, as of now, the bulls are strong. Hence, we can expect the price upswing to continue tomorrow as well.

ALGO Technical Analysis: Watch Out for Breach of Fibonacci Pivot Resistance Levels of $0.738 and $0.759

ALGO is above the 23.6% FIB retracement level of $0.722. It may soon break out of the 23.6% FIB extension level of $0.748. Thus, as of now, the bulls are strong. Hence, we can expect the price upswing to continue tomorrow as well.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

ALGO Technical Analysis: Watch Out for Breach of Fibonacci Pivot Resistance Levels of $0.738 and $0.759

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