ALGO/USD Consolidates Around $0.95 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Algorand Price Analysis – February 17
Algorand (ALGO) is trading between the bull and the bear as the price of the cryptocurrency keeps following sideways.
ALGO/USD Market
Key Levels:
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.75, $0.65, $0.55
ALGO/USD is hovering at $0.957 as the coin moves around the 9-day and 21-day moving averages, indicating an indecisive movement in the market. For the time being, the market price is moving around the moving averages within the channel, and the trading volume keeps issuing both buy and sell signals while the technical indicator Relative Strength Index (14) heads to cross below 40-level.
Algorand Price Analysis: Algorand (ALGO) May Slide Below the Moving Averages
The Algorand price is likely to cross below the moving averages, and any attempt by the bulls to push the market above 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 towards the lower boundary of the channel could reach the supports at $0.75, $0.65, and $0.55.
ALGO/BTC Market: Price Keeps Moving to the Downside
Against BTC, the Algorand market is facing the downside as the price crosses below the 9-day moving average. Now, the market is likely to follow a sideways movement as both the bulls and the bears are trying to decide the direction in which the market could follow.
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 1900 SAT and below as the technical indicator Relative Strength Index (14) moves to cross into the oversold region. Meanwhile, any bullish movement could push the price above the 21-day moving average which may cause the coin to hit the resistance level of 2500 SAT and above.
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