Algorand has a self-sustaining blockchain model that supports a variety of applications. It was developed in 2019 to reduce the transaction time as compared to older cryptocurrencies. It has lower transaction fees and does not require mining. The ALGO technical analysis is as follows: Past Performance On May 31, 2021, ALGO opened at $0.85. On June 6, 2021, ALGO closed at $0.97. Thus, in the past week, the ALGO price has increased by approximately 14.11%. In the last 24 hours, ALGO has traded between $0.97-$1.05. https://ift.tt/2T56Vx4 Day Ahead And Tomorrow Currently, ALGO is trading at $1.05. The price has increased from the day’s opening price of $1.004. Thus, the buying pressure in the market seems high. The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is bullish. Hence, the price may increase further. Currently, the RSI indicator is at 50%. It faced rejection at 45% and rose to this level. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal. In short, when we look at both oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend. ALGO Technical Analysis Currently, the price is below the second Fibonacci pivot point of $1.14. If the bears remain strong till day end, then the price is likely to fall below the first, and second support levels of $1.0098, and $0.80, respectively. The price has tested and fallen below the 38.2% FIB retracement level of $1.14. It may soon rise and test the 68.2% FIB retracement level again. If it breaks the level of $1.14 it will highlight the next resistance level of $1.25. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.
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