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Algorand Price Prediction: Bullish Trend Reversal Coming?

 


The Algorand price has risen over 47% so far this month. Is it enough for a bullish trend reversal in September?


September has been very bullish for the Algorand price so far

The Algorand price has risen around 47% so far this month. So September has been very bullish for Algorand so far. In addition, the histogram of the MACDs has been ticking bullishly higher in the monthly chart since last month. However, the MACD lines remain crossed bearishly while the RSI is neutral.


However, it will hardly be enough for a bullish trend reversal, because for this Algorand would have to break the Fibonacci resistances at around USD 1.31 and USD 2. With a price of around USD 0.38, the ALGO price is very far from it.


In the short term, the Algorand price could correct now

Algorand price formed a higher top, surpassing the previous high set in September. In addition, the Algorand also formed a higher low and did not fall back to the yearly low of around USD 0.275.


In addition, the histogram of the MACDs in the daily chart is ticking bullishly higher and the MACD lines are also bullishly crossed. However, the RSI reached overbought regions and in the short term it looks like a correction.


Algorand is already encountering significant Fibonacci supports at around USD 0.3586 and USD 0.325. In addition, the 50-day EMA comes to the rescue around USD 0.325 and acts as additional support.


The Algorand course is already encountering significant resistance at the 0.382 Fib level at around USD 0.47. In addition, the EMAs on the daily chart are bearish crossed over, confirming the bearish trend in the short to medium term.

On the other hand, a golden crossover was established in the 4H chart, which confirms the short-term bullish trend. However, the MACD lines are just before a bearish crossover and the MACD histogram is also ticking bearishly lower.


The RSI is also showing a bearish divergence. In the short term, the Algorand price could now correct to the Fibonacci supports at around USD 0.36 and USD 0.325 respectively.


In the weekly chart, the MACD is developing bullishly

In contrast, the MACD in the weekly chart is clearly bullish, because the histogram of the MACD is ticking bullishly higher again this week and the MACD lines are also bullishly crossed. However, if the Algorand falls sharply by Monday, MACD's histogram could close lower on a bearish note.


Still, the upside this week is extremely bullish as Algorand is up around 42% this week alone.


If Algorand bullishly breaks the golden ratio at around $0.59, the next significant resistance awaits at the 50-week EMA at around $0.67. Algorand is already finding significant support between USD 0.222 and USD 0.2825.


Against BTC, Algorand price is at the 50-week EMA resistance

The ALGO price is currently struggling against BTC with the 50-week EMA resistance at around 0.0000196 BTC. On a bullish break, ALGO could target Fib resistances around 0.0000284 BTC and 0.000039 BTC.


In addition, the histogram of the MACDs in the weekly chart is ticking bullishly higher and the MACD lines are also bullishly crossed. The RSI is neutral.


If ALGO is now rejected in a bearish manner at the 50-week EMA, the next significant Fib supports await around 0.00001764 BTC and 0.00001525 BTC.


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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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