Algorand price analysis: ALGO to retest $2.24 resistance before a new uptrend?

Algorand price analysis shows a bullish trend today. ALGO/USD levels hit the $2.14 level again after being rejected by $2.30, the current resistance. ALGO is up 1.2 percent in the last 24 hours and a significant 66 percent in the last seven days.

Mixed market sentiment was observed for the ALGO/USD pair during various trading intervals yesterday as the price hovered between $2.24 and $1.99.

Today, the price of ALGO has been rising steadily since its inception, rising from $1.99 to $2.14 at the time of writing as traders invest in ALGO but there seems to be plenty of room for bulls.

ALGO/USD 1-day price chart: moves up from $1.99

Algorand’s one-day price analysis shows that the bullish momentum is on the move and further price spikes are expected in the coming hours as the bulls continue to rally. Volatility also increases.

Widening Bollinger Bands are at the very top, with the upper band being $2.22 and the lower band being $0.52, averaging $1.37. The moving average (MA) is $1.73. The Relative Strength Index (RSI) is 72 above the neutral level in the built area.

Algorand’s four-hour price analysis shows the bulls are heading towards the $2.30 resistance level as a green candle appears on the chart, indicating bullish progress. ALGO bulls are developing successfully due to no bear activity today.

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The variability is relatively less than the last few days of the 4-hour program, which is a good indicator so far. The top of the Bollinger Bands is at $2.33 and the bottom is at $1.86.

The average value of Bollinger Bands is close to $2.10 below the price level. The moving average (MA) is $2.09. The Relative Strength Index (RSI) is moving above the neutral zone with more leeway for bullish training and is showing the 58 figure.

The technical indicators for today’s price analysis by Algorand are mostly bullish. Of the total 26 indicators available for technical analysis, 15 are on the buy side, only one is on the sell side and 10 are neutral.
The moving averages are also very bullish as indicators are on the buy side and only one on the sell side and one neutral. Oscillators also prefer the buy side, but most of them are neutral with a count of nine and two on the buy side and zero on the sell side.

The main moving averages such as the MA20 and EMA20 are showing buy signs while the oscillators are mostly neutral with the main indicator MACD showing buy signs.