Understanding the price action: Focus on Algorand (Algo)

The world of cryptocurrency is huge and complex, with thousands of coins and tokens available for trading. In this article, we will dive into the concept of pricing events in markets with a specific focus on Algorand (Algo), one of the most promising cryptocurrencies in today’s market.

What is price steps?

The price action concerns the visual representation of how the value of the cryptomena changes over time. It includes monitoring of prices, heights and minors and other major events that occur during a business day or week. Price actions are crucial in understanding the behavior of cryptocurrency, as it may indicate trends, levels of support and resistance and potential breakthroughs.

Algorand (Algo) – Digital asset with potential

Algorand is an open, decentralized public blockchain platform developed by Mirana S.P.A. It was created in 2017 and has since gained considerable attention to investors and users. Algorand is a native cryptocurrency, which uses a unique consensual evidence algorithm (POS) to secure its network.

Understanding the price action for Algo

In order to understand the price events at Algo, we need to examine the daily graph of cryptocurrencies. Here are some key observations:

1.

• Support and resistance : 50-day sliding average (MA) acts as a level of support at the price of Algo, while the 200-day act is as a level of resistance. On the chart we can see that the price has recently broken both LAGs, which indicates potential power in the short term.

3
Bullish and bearish absorbing patterns : Drive patterns indicate a strong bull trend, with the top band of the absorption candle that is formed under the lower belt. This model suggests that the Algo price is about to break the resistance level.

Potential of Breaks

Based on the current price event, we can identify several potential breakthrough levels:

1.

• Resistance level : 200-day me, currently at $ 14.25

If the price of alga breaks over these levels of resistance, this could lead to a significant increase in value.

Conclusion

Understanding pricing shares is decisive for the adoption of informed investment decisions on cryptocurrencies such as Algorand (Algo). By analyzing the trend lines, levels of support and resistance, absorption of formulas and the potential of breaking, we can better predict the future direction of Algo prices. As with all investments in cryptocurrency, it is necessary to do its own research, to determine the clear risk management strategies and to consider several factors before the decision.

Recommended entry points

Based on our analysis, there are several recommended entry points for a long position:

• Support level

  : $ 10.38

• Resistance level : $ 14.25

Note, however, that these are only proposed entry points and should not be considered as investment recommendations without further analysis.

Reneeing of responsibility

This article is intended only for information purposes and should not be considered investment advice. Cryptom markets are highly volatile and can lead to significant losses if you are not ready or experienced.

Do not forget to always do your own research, to determine the clear risk management strategies and consider multiple factors before taking any investment decisions on cryptomains such as Algorand (Algo).