ALGO USDT Algorand Technical Analysis

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By Frans van Elst

Algorand logo In this Algorand technical analysis, we will examine the current price action, trading volume, key levels and indicators for ALGO-USDT. Algorand (ALGO) is a decentralized, open-source blockchain platform that focuses on providing scalability, security, and decentralized governance. It utilizes a unique proof-of-stake (PoS) consensus algorithm, which allows for faster transaction finalization times and greater energy efficiency compared to traditional proof-of-work (PoW) algorithms. Additionally, Algorand’s governance model enables a decentralized and inclusive decision-making process, ensuring that the platform remains resilient and adaptable to changing market conditions.

Algorand Price Overview:

As of May 07, 2024, Algorand is trading at approximately 0.1981 USDT. Let’s dive into the detailed price action for ALGO-USDT:

Unveil Algorand’s (ALGOUSDT) positive future at 1.98e-01 USDT through technical analysis, showcasing bullish trends, robust support, and promising indicators.

Metric Value
Open (O) 0.1938
High (H) 0.1985
Low (L) 0.1903
Close (C) 0.1981
Volume (C) 24,650,477.00
  • Open (O): The opening price for today’s trading session was approximately 0.1938 USDT.
  • High (H): Algorand reached a daily high of around 0.1985 USDT.
  • Low (L): The daily low for ALGO-USDT was approximately 0.1903 USDT.
  • Close (C): At the time of analysis, Algorand is trading near its daily close of 0.1981 USDT.
Metric Value
1D Change (%) 2.22%
3D Change (%) 2.80%
7D Change (%) 11.23%
30D Change (%) -15.77%
90D Change (%) 17.85%
YTD Change (%) -11.09%

Over the past three days, ALGOUSDT has risen by approximately 2.80%, showcasing increased market volatility. Throughout the last week, it continued to increase, with a gain of around 11.23%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with ALGOUSDT maintaining a downward trend of approximately -15.77%, despite intermittent fluctuations. Examining the last 90 days, ALGOUSDT has witnessed substantial increase of approximately 17.85%, reflecting strong long-term confidence. Year-to-date, ALGOUSDT has steadily dropped by around -11.09%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.

Algorand Live Chart:

You can access a live price chart for ALGO-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.

Price Volatility and Momentum:

  • Volatility score is 0.65735.
  • Momentum score is 0.13589.

ALGO USDT Technical Analysis

Algorand Trading Volume:

The trading volume for Algorand (ALGO) over the past 24 hours has been insignificant, with approximately 24,650,477.00 USDT traded against ALGO. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.

Moving Averages:

  • 50-day Simple Moving Average (SMA): ALGO is currently trading below the 50-day SMA, indicating short-term bearish momentum.
  • 200-day Simple Moving Average (SMA): Algorand is also trading below the 200-day SMA, indicating a negative long-term outlook.

Relative Strength Index (RSI):

  • The RSI30 for ALGO-USDT is currently in the neutral zone, around 47.59121. This suggests that Algorand is in range-bound territory.

Analysis from TradingView:

Our Key Takeaways:

Algorand (ALGO-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the neutral RSI and insignificant trading volume are neutral signals for potential sideways movement.

Unveil Algorand’s (ALGOUSDT) positive future at 1.98e-01 USDT through technical analysis, showcasing bullish trends, robust support, and promising indicators.

Don’t overlook our detailed insights on ALGO BTC Algorand Technical Analysis if you found this post captivating; it’s a must-read for further exploration.

Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.

Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.

Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.

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