Algorand’s (ALGOUSD) Price Pumps, Even With Low Trading Volume
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After hitting the price mark of $0.29, the bears regain strength to turn the market around. The bullish support level at $0.20, which was also supposed to be the brick wall to limit the bear market, broke due to the increased pressure around the price level. But the Algorand buyers were able to salvage the market as they turned the price around at a price level slightly below $0.20, and from here the demand line was reinstated to the $0.20 price level.
ALGO/USD Price Statistics
- ALGO/USD Price Now: $0.227
- ALGO/USD Market Cap: $1,657,256,367
- ALGO/USD Circulating Supply: 7,121,970,975
- ALGO/USD Total Supply: 7,329,533,326
- ALGO/USD CoinMarketCap Ranking: #37
Key Levels
- Resistance: $0.25, $0.30, and $0.35
- Support: $0.15, $0.10, and $0.05
Price Prediction for Algorand: The Indicators’ Point of View
After bouncing back from the $0.188 support price level, the bull market hit strong resistance at $0.224. The bulls were forced to take refuge at the $0.2 price level, and it is from this level that the price rallies in today’s trading session. Bulls in today’s trading session have smashed through the resistance, aiming to take on other higher price levels. However, a source of concern is that, though the bulls are pushing the price, the two standard deviations of the Bollinger Bands indicator remain almost indifferent to the move, and the volume of trade does not commensurate with the outlook of the bullish candlestick representing today’s market. There is the fear that this bullish move might be a fakeout move after all.
ALGO/USD 4-Hour Chart Outlook
From the standpoint of the 4-hour trading session, the bulls are in control of the market. The Bollinger Bands indicator begins to respond to the market’s activities as its two bands diverge. This indicates strong activity in demand and supply, which is resulting in the volatility of the market. Also, the volume of trade in this smaller trading session is commensurate with the activities of the market, nullifying the fear of a fakeout trend. However, we might still see a price rebound as the market has entered overbought territory and we should be expecting a price retracement.
