A New Development Could See Algorand Aiming For $1

A New Development Could See Algorand Aiming For $1 WikiBit 2022-05-05 11:35

At the time of writing, Algorand's chart was bullish. Fifa's governing body announced Algorand as the World Cup's official blockchain partner.

  At the time of writing, Algorand's chart was bullish. Fifa's governing body announced Algorand as the World Cup's official blockchain partner. It is scheduled to take place in November. Since that declaration, the coin's price has been rising.

  Traders may have taken advantage of the opportunity as the coin went through its long-standing support line of $0.66. The announcement of Fifa's World Cup took that possibility away from dealers.

  The coin increased by about 14 percent in a single day. With continued bullish price action, Algorand has broken over its immediate price ceilings and may strive for more resistances. As a result of the new development, buying power has increased significantly.

  Price Analysis of Algorand: Four-Hour Chart

  At the time of writing, Algorand was priced at $0.704. The coin shows a declining resistance trendline on the four-hour chart. The bears had taken control of the market since April. With periods of increased purchasing pressure in the middle, purchasers remained apprehensive of the asset.

  The coin received immediate support at $0.664. The previously described line was a resistance point, but the coin turned it into a support zone for itself. ALGO's first resistance was $0.77, followed by $0.80, a level that the coin might surpass to reach $1.

  Traders have responded favorably to the current event, as there has been a significant boost in buying strength. In the event of a decline, ALGO might trade at the $0.560 level. At the time of writing, the coin's trading volume was green, indicating that buyers outnumbered sellers.

  Technical Evaluation

  ALGO's price was found parked above the 20-SMA line, indicating bullishness on the charts. The reading indicated that market buyers were driving prices as they gained traction. The asset was also spotted trading above the 50-day simple moving average, which is considered extremely positive.

  The coin indication showed an upswing on the Relative Strength Index. The RSI had reached the overbought zone in the previous trading sessions. Following that, there was a price correction. At the time of writing, the market was still positive, as was the buying power.

  MACD crossed over to the bullish side and flashed green signal bars. The indicator predicts present and future market momentum. The MACD reading was bullish, implying that ALGO could aim to move northwards in the following trading sessions.

  The Awesome Oscillator was likewise bullish, indicating favorable price activity. Following a sequence of red histograms, the indicator displayed a single green histogram. According to AO's reading, ALGO may try to rally again in the coming trading sessions.

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