Algorand Price Analysis – April 24
The Algorand price continues to move sideways as the price of the coin remains below the 9-day and 21-day moving averages.
Resistance levels: $0.88, $0.90, $0.92
Support levels: $0.55, $0.53, $0.51
The Algorand (ALGO) has been attempting to cross above the 9-day moving average but the bears are pulling the coin back to the south. The Algorand market continues to consolidate below the 9-day and 21-day moving averages, this makes the support level at $0.70 to be a strong support zone.
Algorand Price Analysis: Algorand (ALGO) May Breakout
The Algorand price is likely to break out if the bulls push the price above the 9-day and 21-day moving averages. The coin may begin to follow the upward movement by keeping the market price above the moving averages to keep the upside movement strong. However, any further bullish movement could take the coin to the potential resistance levels of $0.88, $0.90, and $0.92.
Nonetheless, as the daily chart reveals, the bullish movement may be invalidated if the bears slide towards the lower boundary of the channel, ALGO/USD may fall below the negative side to hit the support levels of $0.55, $0.53, and $0.51. Meanwhile, the technical Indicator Relative Strength Index (14) signal line is moving above 40-level; suggesting sideways movement.
ALGO/BTC Market: Algorand Price Keeps Follow Sideways Movement
Against Bitcoin, the Algorand price is moving below the 9-day and 21-day moving averages. The long-term 9-day moving average may likely make a bearish cross below the lower boundary of the channel. For the past few days, the Algorand market has been attempting to follow the downtrend as the price reaches the daily low at 1780 SAT.
However, if the buyers push the price above the 21-day moving average, higher resistance could be located at 2200 SAT and above. On the contrary, should the bulls fail to move it above the upper boundary of the channel, then, crossing below the channel maybe locate the support level at 1400 SAT and below as the Relative Strength Index (14) moves in the same direction above 40-level.