In Algorand (ALGO) Technical Analysis 2021, we use past statistics, price analysis, RSI, RVOL, and much other information about ALGO to analyze the future movement of the cryptocurrency.
Algorand is a proof-of-stake (PoS) blockchain that enables smart contracts. The blockchain makes sure that each user’s influence on the choice of a new block is proportional to the user’s stake in the system. The cryptocurrency of the Algorand blockchain is Algo. Algorand was designed to speed up transactions and improve efficiency, in response to the slow transaction times of other blockchains.
Algorand (ALGO) Current Market Status
According to CoinMarketCap, the ALGO price is trading at $0.91 with a 24-hour trading volume of $73,432,676, at the time of writing. Moreover, ALGO has increased by 1.14% in the last 24 hours.
Additionally, ALGO has a circulating supply of 3.11B ALGO. Currently, ALGO trades in Coinbase, Binance, OKEx, Kraken, and Huobi.
Algorand (ALGO) Technical Analysis 2021
Algorand (ALGO) holds the 33rd position on CoinMarketCap right now. The recent development and upgrades might push ALGO to reach new heights. Now, let’s deep dive into the ALGO technical analysis 2021. The daily time frame chart of Algorand (ALGO) is shown below.
The above chart shows the Falling wedge pattern of ALGO. This pattern is formed when the market makes lower lows and lower highs with the contracting range. This pattern is considered a bullish chart formation but can indicate both reversal and continuation patterns.
In the daily time frame chart, the ALGO can reach $1.74 if the bull trend continues. Otherwise, if the price of the ALGO breaks the support level of $0.77, it will fall to the next support level at $0.67.
Algorand (ALGO) RSI
The below chart shows the relative strength index (RSI) of ALGO.
As shown in the above chart, RSI remains at 53. This shows that ALGO’s price is in a neither overbought nor oversold state. More so, this indicates that traders can trade fearlessly.
Algorand (ALGO) RVOL
Accordingly, the below chart shows the Relative Volume of ALGO. RVOL is an indicator that represents to traders how the current trading volume has changed over a while compared to the past trading volume.
Notably, in the last week of June, it was found that the RVOL of ALGO was observed weaker. Currently, the RVOL of ALGO remains below the cutoff line which represents the weaker participants in the current trend.
Algorand (ALGO) Moving Average
ALGO’s Moving Average (MA) is shown in the below chart. Moving Average is a part of technical analysis that supports traders to find trends.
In the 50 MA (Short-term), the price of the ALGO is in the bullish state, and it has broken the 200 MA. However, it will completely go to a bearish state. Currently, the price of the ALGO is trading above the 200 MA level so we can expect more bullish in the upcoming day.
Algorand (ALGO) Price Comparison with Bitcoin
The below chart shows the price comparison between ALGO and BTC.
From the chart, we can find the trend of the BTC and ALGO is moving at the same level as the trend. This shows when the price of BTC increases or decreases, the price of ALGO also increases or decreases respectively.
Conclusion
With the ongoing development and upgrades that are taking place within the ALGO platform. Algorand has a great future ahead in this crypto platform. Moreover, ALGO can reach new heights.
Bullish ALGO price prediction 2021 is $1.74. As mentioned above, it may reach great heights, even more reaching $2, if investors have decided that ALGO is a good investment in 2021
FAQ
Algorand is a proof-of-stake (PoS) blockchain that enables smart contracts. The cryptocurrency of the Algorand blockchain is Algo.
ALGO is listed on many cryptocurrency exchanges that include Coinbase, Binance, OKEx, Kraken, and Huobi.
With the ongoing developments and upgrades inside the MIOTA platform, it has a high possibility of reaching its ATH soon.
Disclaimer: The opinion expressed in this chart solely the author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
