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ALGO Bulls Assume Command After a Week of Downtrend

Published Mar 13, 2023 22:51 Updated Mar 13, 2023 23:15
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ALGO Bulls Assume Command After a Week of Downtrend
 
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  • Bullish crossover on VI and widening Bollinger bands signal a potential uptrend.
  • A positive CMF rating suggests increasing purchasing pressure and demand for ALGO.
  • ALGO shows signs of bullish momentum with increasing market interest.

The Algorand (ALGO) market began the day under bear control and fell to a low of $0.1845 before bulls jumped in. This bullish momentum wiped out the negative trend and propelled the ALGO price to a day high of $0.2051. The market was still positive as of press time, driving the ALGO price to rise by 5.22% to $0.1973 from the previous day’s closing.

The market capitalization and 24-hour trading volume increased by 5.22% and 95.04%, to $1,404,023,077 and $91,506,997, respectively. This movement demonstrates traders’ increasing interest in the asset and readiness to purchase and sell at higher prices, showing a positive market mood.

If the positive feeling continues, the ALGO price may increase to the 7-day high of $0.2308 with probable resistance around the $0.2250 level, but if the emotion shifts and turns pessimistic, the price may fall to the 30-day low of $0.1816.

ALGO/USD 24-hour price chart (source: CoinMarketCap)

In the 3-hour chart, the Vortex Indicator (VI) just recorded a bullish crossover, with the positive line (blue) reading at 1.2196 and the signal line (red) at 0.7760. This movement signals that an uptrend may be on the way, and traders should look for buying opportunities as long as the VI continues above its signal line.

As the Relative Strength Index (RSI) is at 54.16, the buying pressure is moderate but still signals a positive market attitude.

When it moves south, it implies that the ALGO coin’s bullish momentum may be waning, and traders should watch the RSI to see if it drops below the 50 mark, which might signal a change toward the negative sentiment.

ALGO/USD chart (Source: TradingView)

Bollinger bands that are widening, with the upper band touching 0.20422165 and the lower band touching 0.1800977, indicate that the ALGO market is volatile, with prices fluctuating significantly between the upper and lower bands.

When the price nears the upper range, a breakthrough to the upside might signal the start of a bullish trend. Traders riding this rally might benefit from purchasing at the current price and placing a stop-loss order below the lower band.

With a score of 0.16, the Chaikin Money Flow indicator indicates that purchasing pressure is building and may support the continuation of the rise. This is because a positive CMF rating indicates that money is moving into the ALGO market, implying a greater demand for ALGO, which might push the price even more.

ALGO/USD chart by (TradingView)

ALGO shows bullish momentum; traders should watch for resistance at $0.2250, with potential for a rally to $0.2308.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

The post ALGO Bulls Assume Command After a Week of Downtrend appeared first on Coin Edition.

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ALGO Bulls Assume Command After a Week of Downtrend
 

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