Algorand is a blockchain platform that facilitates the creation of innovative financial products. It aims to integrate decentralized and conventional finance. 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.
On Jul 14, 2021, ALGO opened at $0.875. On Jul 20, 2021, ALGO closed at $0.697. Thus, in the past week, the price has decreased by roughly 20%. In the last 24 hours, ALGO has traded between $0.678-$0.73.
Day-Ahead and Tomorrow
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 MACD and signal lines 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 RSI indicator 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 OBV indicator 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.
ALGO Technical Analysis
Currently, the price is above the first Fibonacci pivot resistance level of $0.724. The price may soon breach the second and third Fibonacci pivot resistance levels of $0.738 and $0.759, respectively.
Currently, the price 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.