TL;DR Failure

  • Algorand price analysis is bullish today
  • The nearest resistance level is at $1.15.
  • ALGO is currently trading at $1.02.

The closest resistance is at $1.15, which could be reached if today's bullish performance continues throughout the day. We could see a significant drop in ALGO in January, but it does not look like it will continue to fall. The previous resistance at $1.72 has now turned into support and managed to keep the price above it.

ALGO/USD price trend in the last 24 hours: low volume

If there is no significant sell-off during this bullish run, we expect ALGO to move up to around $1.23 as its previous support at $1.15 forms resistance. This will be the next target in the run, which will probably be reached around February 11.

Trading volume was relatively low in today's session, but if it continues to be bullish throughout the day, we could see it pick up.

Tradingview's ALGO/USDT Technical Specifications

On the 4-hour chart, we can see that ALGO is trying to break out to the upside from a very strong bullish triangle flag pattern. It has been consolidating within this pattern for about 3 hours and if it manages to break out today, we expect ALGO to reach the previous high of $1.72 as mentioned above. If not, price could fall, providing more room for further breakouts once a continuous trend is found by testing one or both of these EMAs and then rising again.

ALGO/USD 4-hour chart: What happens?

ALGO is currently testing the 21-day EMA, which is the last support level before the 50-day SMA. If today's performance continues throughout the week, these averages will form a solid support level. This would turn into resistance for an already bullish market and could send ALGO back down to $0.50 or further down, depending on how much momentum it gains during the test of these averages.

4-hour price analysis chart: Tradingview

Algorand price analysis is bullish today. The closest resistance is at $1.15 and ALGO is currently trading at $1.02. The closest resistance is at $1.15, which could be reached if today's bullish performance continues throughout the day. We could see a significant drop in ALGO in January, but it does not look like it will continue to fall. The previous resistance at $1.72 has now turned into support and managed to keep the price above it.

We can see that ALGO is currently testing the 21-day EMA, which is the last support before the 50-day SMA. If today's performance continues throughout the week, these averages will form a solid support level. This will turn into resistance to an already bullish market and could send ALGO back down to $0.50 or further down, depending on how much momentum it gains during the test of these averages. If there is no significant sell-off in this bullish market, we expect ALGO to rise to around $1.23 as its previous support at $1.15 forms resistance.

Algorand Price Analysis: Conclusion

The EMAs are both currently green and the 50-day SMA is above them, which suggests that this market could be about to break out to the upside if its performance continues throughout the day. This would be an excellent gain, as it has been low for some time, even with the direction.

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