Algorand Sees Only Minute Gains

The Algorand token has seen very little upside recovery since Bitcoin’s price action bounced back off the $50,000 threshold. So far today, the Algorand token has seen a price increase of less than 2%. Plus, the position of the market suggests that the gains could be lost easily unless upside forces contribute a considerable push to the market.

Algorand Statistics:
Current ALGO Price: $0.1144
ALGO Market Cap: $940,779,192
Algorand Circulating Supply: 10,000,000,000
Algorand Total Supply: 10,000,000,000
ALGO CoinMarketCap Rank: 54

Key Price Levels:
Resistance: $0.1500, $0.2000, and $0.2500
Support: $0.1000, $0.0700, and $0.0400

Algorand Looks Largely Subdued Despite Minute Profits

The ALGO market had earlier crashed through the $0.1000 mark but soon retreated upwards. In subsequent sessions, the market was able to print small additional profits. Despite this, the token still trades at a significant distance below all the Exponential Moving Average (EMA) lines.

Similarly, the Stochastic Relative Strength Index (SRSI) lines are still in the oversold region but have taken an upward path. The leading line of the indicator can still be seen below level 15 of the indicator and therefore bears some correlation with the price moves.

The ALGO Market Lurks Around the 20-Day EMA

While price action in the Algorand daily market lies at some distance below all the EMA lines, price action in the 4-hour chart is lurking around the 20-day EMA line. However, this still somewhat maintains that the market is subdued. Nevertheless, the last price candle on this chart is a green one and is propelling the market toward the EMA.

Also, the SRSI indicator lines are already in the oversold zone at such a minimal price increase. This seems a bit exaggerated but still holds some positivity. Be that as it may, considerable upside progress in this market will strongly hinge on whether upside forces can break through the 20- and 50-day EMA. At this point, traders may want to stick to using crypto signals promising only short-term upside gains.

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