Algorand Price Analysis – January 9
Algorand price is seen moving towards the 9-dayand 21-day moving averages to hit the $1.5 resistance level.
Resistance levels: $1.6, $1.7, $1.8
Support levels: $1.2, $1.1, $1.0
ALGO/USD bulls are trying to push the coin above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) reveals that the market may embark on a positive movement as signal line moves above 40-level.
Algorand Price Analysis: ALGO Price May Follow the Uptrend
Algorand price is changing hands at $1.42 where it faces up. More so, if the coin breaks the $1.5 resistance level, the coin may continue its upward movement to cross above the 9-day and 21-day moving averages. Therefore, the nearest resistance levels are located at $1.6, $1.7, and $1.8 while falling towards the lower boundary of the channel may reach the support levels at $1.2, $1.1, and $1.0 respectively giving a fade bullish trading volume.
ALGO/BTC Market: Algorand Price May go back to the Upside
When compares with Bitcoin, the Algorand price is moving above the 21-day moving average as the bulls may push the coin to the positive side. On the downside, if the market price move towards the lower boundary of the channel, the next support level may surface at 3200 SAT to locate further key support at 300 SAT and below if the sell-off later becomes huge.
However, on the upside, if the bulls push the price back above the 9-day moving average; Algorand could face the upper boundary of the channel. Further bullish movement may hit the potential resistance level at 3700 SAT and above while the signal line of the Relative Strength Index (14) moves above 50-level to continue the bullish movement. On the other hand, if it moves below this level, it may bring more bearish pressure into the market.