Algorand Price Analysis for 2022 | CoinDhan Analysis

We are basing the price analysis entirely on TA or Technical analysis. Having said that, let’s deep dive to find out what the market looks like for the Algo token.?

Current State

Currently, Algo is trading at $0.6896 with $135,367,506 trading volume. Now, let’s look at the future predictions based on the charts.?

At the time of writing, Algo holds 26th position in the list of top cryptocurrencies of the world. When we look at the KC or Keltner Channel of ALGO/USDT, it is quite visible that most of the consolidation has happened in the second part of the curve, which is in between the $0.5 to $1 price levels. In?case, the bulls are able to hold on to the position and push buying further despite the resistance, we would very well see an upside in the coming days

The reason to say this is the RSI which has remained in healthy limits of 39.35, which could further move to the 50 RSI mark negating the present weak trend. If that happens, we could see a market reversal in formation and Algo could aim for some strong support in the coming days.

While looking at the 30 and 90 days MA, it is quite evident that since 90 Day MA lies well above the 30 Day MA, the future inevitably looks bullish for the Algo token.

However, it will never be a smooth road ahead for the Algo token considering the bearish sentiments in the market, Fed tapering, and Ukraine-Russia war, which ultimately occupy the fundamental side of the analysis but they do have an impact. To negate any upcoming bearish patterns, Algo needs to overrun 4 resistance points which are 1.1123, 1.3072, 1.5745, 2.0144, 2.4098 throughout the year. If the token succeeds in overcoming all these resistance points, we could see Algo trading at $3.28 by the end of the year. However, if it fails to breach the first resistance of 1.1123, in that case, all anticipations will be invalidated and we could likely see a further downside where it could even trade close to $0.4 levels.