ALGO Price Analysis – November 8
ALGO/USD keeps the intraday gains of 8.34% as the coin explores higher levels to touch the daily high of $2.09.
Resistance levels: $2.25, $2.35, $2.45
Support levels: $1.65, $1.55, $1.45
ALGO/USD is currently seen following the upward movement as the coin trades in green. The cryptocurrency market corrects itself like Bitcoin and other top coins. ALGO/USD is making a tremendous increase from $1.86 after dropping to $1.83 to a peak of $2.09 with a gain of 8.09%. The Algorand (ALGO) is currently hovering at $2.01, trading above 9-day and 21-day moving averages.
Algorand Price Analysis: What to Expect from Algorand (ALGO)
Algorand price is one of the few digital currencies that keep the intraday gains at the time of writing but looking at the daily chart, a correction towards the channel could pave the way for gains in resistance levels of $2.25, $2.35, and $2.45.
On the downside, the immediate support is below the lower boundary of the channel. It is important to note that $1.80 is a key level of support, while the main support levels are $1.65, $1.55, and $1.45, but the technical indicator Relative Strength Index (14) is crossing above the 60-level to indicate more bullish signals.
ALGO/BTC Market: Price Moves Sideways
Against Bitcoin, the market price keeps moving sideways, currently trading at 3057 SAT and expecting a break out above the upper boundary of the channel. Looking at the chart, if the coin can make a cross above the channel, the bulls may end up dominating the market.
However, if the price drops below the 9-day and 21-day moving averages, the next key support level may come at 2400 SAT and below. On the bullish side, a possible rise could push the market to the resistance level of 3800 SAT and above. According to the technical indicator Relative Strength index (14), the market may begin the uptrend if the signal line moves above 50-level, which could suggest more bullish signals into the market.