Algorand Price Prediction Today, October 21, 2022: ALGO/USD Is Ranging

Since mid-June this year Algorand Price has been largely trading within two Fibonacci levels. Even now, price action is on its way to the lower limit of that range, after a fake-out of the upper limit.

ALGO Forecast Statistics Data:
Algorand’s current price: is $0.3093
Algorand market cap: $2.15 billion
ALGO circulating supply:  7 billion
Algorand total supply: 7.25 billion
ALGO Coinmarketcap ranking: #29

Crucial Price Levels:
Resistance: $0.3093, $0.3105, $0.3135
Support: $0.3070, $0.3050, $0.3020

Algorand Price Prediction Today, October 21, 2022: ALGO/USD Focuses Strong Support

After ALGO/USD faked out of the Fib level of 78.60 around 24 of September, the price in this market has been moving towards the support of 100 Fibonacci support. Also, this support aligns with the price level of $0.2733. The last price candle on this chart portrays buyers’ effort to pull the price up, perhaps for just a retracement. Eventually, this might represent an opportunity for short-term traders. Nevertheless, Algorand’s prices stay under the MA of the Bollinger indicator, which increases the possibility of a downward trend continuation. Confirm Further downside price move is the activity on the MACD. Here, we can see the curves of this indicator have crossed the equilibrium level to the downside, which also Portrays further price falls. Therefore, it is possible for the price to soon test the support at $0.2733.

Algorand Price Prediction Today, October 21, 2022: ALGO/USD May Be Attempting a Bullish Move

With careful examination of price action in the ALGO/USD four hours market, it appears as if the market is attempting a bullish short-term move. This can be seen as market movements in recent times largely seems to be trading in a falling wedge pattern. Consequently, this type of  partner signifies a possible bullish market move soon.

Also, the lines of the MACD Indicator can be seen getting closer to each other under the 0.00 line. Very soon these lines may soon merge at the tip to cross for an upside. Summing up the pattern and signs on this market, we can assume that price action is to be forming to indicate an uptrend. Nevertheless, Short traders can buy now as this market is preparing to experience some upticks.

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