Algorand (ALGO)/USDT Technical Analysis: 08 December 2021

Algorand (ALGO)/USDT Technical Analysis at a Glance

Algorand witnessed a massive rally in recent times hitting highs very close to $3. No doubt the asset is dropped a little yet appears to be poised to form new highs soon. To continue with the upwards trajectory, the price is required to maintain above the current levels. Moreover, if the ALGO coin slides below the support zone, it would be pretty difficult to recover and get back on track towards ATH. No matter how the drop appears to be unlikely.

Algorand (ALGO) Technical Indicators

Algorand(ALGO) price had a magnificent debut visiting the highs beyond $3. Woefully, the bears extracted huge profits which led to a price plunge below $1. The price kept trending below $1 levels for more than a year. However, the 2021 bull run escorted the price not only above $1 but also uplifted the price close to $3. No doubt the asset failed to register new highs amid the recent bull run, yet it appears to be poised to regain the bullish momentum and surge high.

Relative Strength Index(RSI)

The RSI in the normal trading mostly hovers in the average levels until it gets a boost to reach the upper levels in the long term. Currently, it’s following the same strategy and trending within the average levels. The recent sell-off had dropped the RSI below the lower support levels in the short term yet failed to hit the upper levels after a rebound. Therefore, the RSI points out consolidation to continue around the same levels for some more time. 

MACD

The MACD in long term is not pointing out towards a specific bullish or bearish trend ever since the asset smashed the yearly highs. Maybe due to low volume, the buying and selling pressure remains negligible, compelling the price to trend within a narrow region. In the short term, the selling pressure appears to have eased out and very soon the asset may break through the current consolidation to range high. 

Moving Average(MA)

The price is trending within the 100 & 200 days MA levels in the long term. The volume is very less for the day and hence surpassing the 100-day MA may be a little hard. In the short term, the asset is testing the 100-day MA levels. With a successful breach through these levels, an uptrend may be validated. However, upon clearing the 200-day MA the asset could resume with the bull run.

Bollinger Bands

Due to the extended consolidation, the Bollinger band remained squeezed for a long time. Interestingly, the recent dip dragged the price below the middle bands in the long term. Currently, the bounce above the middle band appears a little tough but is possible. In the short term, the price is frequently testing the upper and lower bands and currently heading towards the upper bands slicing through the middle levels.

Algorand(ALGO) Price Analysis for the Week

The ALGO crypto price began the monthly trade on a bullish note, tending very close to $2. However, the recent dump pulled back the price to as low as $1.29. However, the asset showcased immense bullish tendency and flipped, yet failed to trade above $2. No doubt, currently the price is experiencing a drain, yet the rally could be flipped soon as the support levels remain elevated. The asset undergoing minor fluctuations may eventually smash the initial target of around $2 by the end of the week.

Source: Tradingview Date: 08-12-2021 Time: 02:10 pm

• The price is trending within the symmetrical triangle and just bounced after hitting the lower levels.
• ALGO crypto needs to range high and clear the pattern to test the upper resistance levels close to $2.
• Also, the crucial resistance lies just above $2 which would confirm with the bull run towards its ATH. 

Algorand Coin Price Analysis for Today: 08 December 2021

The trading volume since the past couple of days is not constant and hence the price is also acting accordingly. The platform experienced a sudden jump in the volume in early trading hours which led the price to flip the downtrend. Yet the uptrend may not be valid until the price hits the local resistance at $1.8. The ALGO price today stands at $1.69 with a drop of 5.79% with a drop of nearly 53% in the volume. 

Where to buy ALGO coin 

Algorand is a very popular token and hence is listed on most of the popular cryptocurrency exchanges. If you are planning to invest in Algo coin, CoinDCX could be the best-suited cryptocurrency exchange in India. It provides a safe and secure platform to carry out trade at affordable rates and with a unique user experience. Just download CoinDCX mobile app and register following a few simple steps.

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