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ALGO/USD established support at the $0.2938 price level. The price will rise strongly in the early hours of today’s trading session. But while the selling pressure is getting stronger and stronger, there is a chance that buyers will gain more control over the market. Looking at the market trend, we can say this with confidence, we know that the price has formed the support at $0.2938.
Algorand Market Price Statistics:
- ALGO/USD price now: $0.3105
- ALGO/USD Market Value: $2,146,111,214
- ALGO/USD circulating supply: 6.9Billion
- ALGO/USD Total Supply: 7,340,494,441
- ALGO / USD Coin Market Rank: #29
Key steps
- Resistance: $0.3251, $0.3500, $0.3787
- Support: $0.2650, $0.2500, $0.2400
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Algorithm Market Value Analysis: Indicators View
According to MACD, Algorand’s market price started an upward trend on September 2 when the MACD line crossed the MACD signal line. To confirm that this market is bullish, the two MACD lines must cross above the indicator’s zero point. But after the MACD line touches the zero point threshold of the indicator, it returns to a lower level. As a result, the signal line begins to slow down and reach an almost horizontal range. A strong bullish move in the market today has pushed the line higher again and is heading higher. In the RSI, the fast line and the slow line are near the 50% threshold. This means that the market, although it is at a low level, is preparing to move up. Price action is only needed to cross the boundary between an uptrend market and a downtrend market.
Algorand: ALGO/USD 4-hour chart view
A strong bullish momentum in the market started in the second time frame of the 4-hour chart. The first session was a grid market between bears and bulls. But the selling pressure is now increasing in the third period. Currently, buyers are resisting sellers as they continue to apply pressure. The price seems stable at the current price.
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