ALGO/USD Holds Above its Key Support, Consolidating Around $0.94 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Algorand Price Analysis – January 31
Algorand price has been trading between the bull and the bear, while the price of the cryptocurrency fluctuates sideways.
ALGO/USD Market
Key Levels:
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.70, $0.60, $0.50
ALGO/USD is seen hovering at $0.94 as the coin moves around the 9-day moving average, indicating an indecisive movement in the market. For the time being, the market price is moving towards the 21-day moving average within the channel and the trading volume is issuing a buy signal while the technical indicator Relative Strength Index (14) indicator is moving at the downside below 40-level.
Algorand Price Analysis: Algorand (ALGO) May Consolidates within the Channel
The Algorand is expected to trade towards the 21-day moving average and any attempt by the bulls to push the market towards the upper boundary of the channel may result in an upward trend. However, the purpose of this movement is for the buyers to reach the crucial resistance levels at $1.20, $1.30, and $1.40. On the downside, any bearish movement below the lower boundary of the channel could reach the critical supports at $0.70, $0.60, and $0.50.
ALGO/BTC Market: Price Keeps Ranging
Against BTC, the Algorand market has been moving sideways as the price remains below the 9-day and 21-day moving averages. Now, the market is seen following a sideways movement as both the bulls and the bears are trying to decide who will be in-charge while trying to break the above the 9-day moving average within the channel.
However, if the bears succeed in bringing the price down below the lower boundary of the channel, traders may expect the market to fall towards the support level of 2100 SAT and below. Meanwhile, any bullish movement could push the price towards 21-day moving average which could cause the coin to hit the resistance level of 2900 SAT and above. If not, the market may continue to respect the sideways movement as the technical indicator Relative Strength Index (14) moves in the same direction around the oversold region.
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