ALGO Price Analysis – March 16
Algorand (ALGO) remains in the green as the cryptocurrency market gains from the increased buying pressure.
Resistance levels: $1.00, $1.10, $1.20
Support levels: $0.45, $0.35, $0.25
ALGO/USD price is now trading close to $0.75 after touching $0.73 resistance in the early hour of today. The price of Algorand may continue to create the bullish movement if the price crosses the 9-day and 21-day moving averages.
Algorand Price Analysis: ALGO Price May Shoot High
At the time of writing, the Algorand price is preparing to cross above the upper boundary of the channel. However, as the technical indicator Relative Strength Index (14) moves to cross above 40-level, once it faces down, there is a higher chance that the price may likely find supports at $0.45, $0.35, and $0.25 but heading to the upside may locate the resistance levels at $1.00, $1.10, and $1.20 respectively.
ALGO/BTC Market: Price Continues to Range-bound
When compared with BTC, the Algorand price is currently moving in the same direction as it is likely to cross above the upper boundary of the channel. At the time of writing, the coin keeps hovering around the 1785 SAT. The long-term moving average may likely make a bullish cross, but currently, the market is following the sideways movement.
From above, if the buyers can push the price above 2000 SAT, higher resistance could lie at 2200 BTC and 2400 SAT. More so, should the bulls fail to push the coin above, the nearest level of support toward the downside could be located at 1400 SAT and below as the technical indicator Relative Strength Index (14) moves below 40-level, which shows that more bearish signals may play out.