Algorand Price Analysis – December 26
The ALGO price is showing a remarkable improvement today as the coin begins a new upward movement.
Resistance levels: $1.85, $1.95, $2.05
Support levels: $1.40, $1.30, $1.20
ALGO/USD is now moving towards an upward formation after having a bullish session since a few days ago. In the last few days, the ALGO price has increased from $1.29 to touch a high of $1.65 resistance level. The ALGO price is currently above the 9-day and 21-day moving averages as the signal line of the technical indicator Relative Strength Index (14) is preparing to cross above 60-level to indicate more bullish signals.
Algorand Price Analysis: ALGO Bulls May Keep the Upward Movement
At the time of writing, the ALGO price remains above the 9-day and 21-day moving averages but if ALGO/USD maintains the bullish trend, the bulls could push the coin towards the resistance levels of $1.85, $1.95, and $2.05. But should in case the ALGO drops below the 9-day and 21-day moving averages within the channel, the price could return to support level at $1.40, $1.30, and $1.20 respectively.
ALGO/BTC Market: Price Keeps Following Sideways
Against Bitcoin, the coin is trading above the 9-day and 21-day moving averages as the technical indicator RSI (14) moves to cross above 60-level which may likely increase the bullish movement of the coin. However, a possible drop may surface if the price drops below the moving averages, and further bearish movement may likely bring the coin to the critical support level of 3000 SAT and below.
However, as the bulls push the coin higher, the ALGO price may likely reach the upper boundary of the channel. Once this comes to focus, the price could hit the resistance level of 3500 SAT and above. More so, the trading volume could be coming up slowly and may start climbing higher as soon as the technical indicator moves into the overbought region.