Algorand price forecast for today on October 21, 2022: ALGO/USD fluctuating

Since mid-June of this year, the Algorand price has mostly traded within two Fibonacci levels. Even now, the price action is heading towards the lower end of the range after camouflaging the upper end.

ALGO forecast statistics:
Algorand current price: $0.3093
Algorand market cap: $2.15 billion
ALGO circulation supply: 7 billion
Algorand total supply: 7.25 billion
ALGO Coinmarketcap Ranking: #29

Important price level:
Resistance: $0.3093, $0.3105, $0.3135
Support: $0.3070, $0.3050, $0.3020

Algorand Price Prediction for Today for Oct 21, 2022: ALGO/USD Focuses on Strong Support

After ALGO/USD faked the Fib level at 78.60 around Sept. 24, the price of this market is moving towards the support of the 100 Fibonacci support. This support is also consistent with the price level of $0.2733. The final candlestick on this chart shows that buyers are trying to push the price higher. Ultimately, this may be an opportunity for short-term traders. Nevertheless, Algorand’s price is still below the Bollinger indicator’s MA, making it likely that the downtrend will continue. Activity at the MACD confirms further downward movement. Here we can see that the curve of this indicator crosses the equilibrium level downwards. This points to further price declines. Therefore, the price may soon test the support at $0.2733.

Algorand Price Prediction for Today, Oct 21, 2022: ALGO/USD Could Attempt a Bullish Move

A closer look at the ALGO/USD 4-hour market action looks like the market is attempting a bullish short-term move. This is because the recent market moves appear to be trading mostly in a descending wedge pattern. Therefore, this type of partner indicates an imminent bullish market move.

We can also see that the lines of the MACD indicator are approaching each other below the 0.00 line. Soon these lines could meet at the tip and point upwards. Putting together this market pattern and indications, we can infer that price action is shaping to indicate an uptrend. Nevertheless, short traders can buy now as this market prepares to experience some upside.

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