In this Algorand technical analysis, we will examine the current price action, trading volume, key levels and indicators for ALGO-USDT. Here are three sentences about Algorand (ALGO) cryptocurrency: 1. Algorand is a proof-of-stake blockchain platform that enables the creation of decentralized applications and decentralized finance protocols. 2. ALGO is the native cryptocurrency of the Algorand network, which is used for transaction fees and as collateral for participating in the consensus mechanism. 3. Algorand’s unique governance model allows for a decentralized and inclusive decision-making process, ensuring that all participants have a voice in the development and growth of the platform.
Algorand Price Overview:
As of October 02, 2023, Algorand is trading at approximately 0.1016 USDT. Let’s dive into the detailed price action for ALGO-USDT:
| Metric | Value |
|---|---|
| Open (O) | 0.1064 |
| High (H) | 0.1065 |
| Low (L) | 0.1 |
| Close (C) | 0.1016 |
| Volume (C) | 36,506,311.00 |
- Open (O): The opening price for today’s trading session was approximately 0.1064 USDT.
- High (H): Algorand reached a daily high of around 0.1065 USDT.
- Low (L): The daily low for ALGO-USDT was approximately 0.1 USDT.
- Close (C): At the time of analysis, Algorand is trading near its daily close of 0.1016 USDT.
| Metric | Value |
|---|---|
| 1D Change (%) | -4.42% |
| 3D Change (%) | 0.10% |
| 7D Change (%) | 3.99% |
| 30D Change (%) | 7.63% |
| 90D Change (%) | -18.13% |
| YTD Change (%) | -41.10% |
Over the past three days, ALGOUSDT has increased by approximately 0.10%, showcasing increased market volatility. Throughout the last week, it continued to rise, with a gain of around 3.99%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with ALGOUSDT maintaining an upward trend of approximately 7.63%, despite intermittent fluctuations. Examining the last 90 days, ALGOUSDT has witnessed substantial decrease of approximately -18.13%, reflecting strong long-term confidence. Year-to-date, ALGOUSDT has steadily depreciated by around -41.10%, 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 0.4014.
- Momentum score is 0.07627.
ALGO USDT Technical Analysis
Algorand Trading Volume:
The trading volume for Algorand (ALGO) over the past 24 hours has been significant, with approximately 36,506,311.00 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 above the 50-day SMA, indicating short-term bullish momentum.
- 200-day Simple Moving Average (SMA): Algorand is also trading above the 200-day SMA, indicating a positive long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for ALGO-USDT is currently in the neutral zone, around 49.9706. 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 bullish 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 significant trading volume are neutral signals for potential sideways movement.
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.
