Algorand Price Analysis – October 22
Algorand price is currently making another attempt at breaking out above $2.0 resistance.
Resistance levels: $2.2, $2.4, $2.6
Support levels: $1.5, $1.3, $1.1
ALGO/USD bulls were rejected around the $1.97 level as the coin drops to the low of $1.70. However, the Algorand price is floating around the 9-day and 21-day moving averages and it’s already crossing above the moving averages. More so, the technical indicator Relative Strength Index (14) indicates bullish movement as the signal line moves to cross above 55-level, indicating that the market sentiment is presently bullish.
Algorand Price Analysis: ALGO Price May Follow the Uptrend
Algorand price is changing hands at $1.85 where it faces up. More so, if the ALGO/USD breaks the $2.0 resistance level, the coin may continue its upward movement to retest the previous high of $2.1. Therefore, the nearest resistance levels are located at $2.2, $2.4, and $2.6 while crossing below the lower boundary of the channel may reach the support levels at $1.5, $1.3, and $1.1 respectively giving a fade bullish trading volume.
ALGO/BTC Market: Algorand Price Plans for Upward Movement
When compares with Bitcoin, the Algorand price has been moving in the direction above the 9-day moving average as the bulls continue to push the coin to the positive side. On the downside, if the market price crosses below the lower boundary of the channel, the next support level may surface at 2000 SAT and then locate further key support at 1500 SAT and 1000 SAT levels if the sell-off later becomes huge.
However, on the upside, if the bulls push the price back above the upper boundary of the channel; Algorand could face the 3500 SAT. Any other resistance level lies at 4000 SAT and above while the signal line of the Relative Strength Index (14) moves to cross above 50-level to continue the bullish movement. On the other hand, if it moves below 40-level, it may bring more bearish pressure into the market.