ALGORAND - ALGO/USD

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Type:	Cryptocurrencies
Ticker:	ALGOUSD
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ALGORAND - ALGO/USD - Daily - Technical analysis published on 11/02/2021 (GMT)

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Timeframe : Daily
- Analysis generated on
Status : TARGET REACHED

Summary of the analysis

Trends

Short term: Strongly bullish

Underlying: Strongly bullish

Technical indicators

56%

39%

My opinion

Bullish above 1.72 USD

My targets

1.99 USD (+5.29%)

2.38 USD (+25.93%)

My analysis

The bullish trend is currently very strong on ALGORAND - ALGO/USD. As long as the price remains above the support at 1.72 USD, you could try to benefit from the boom. The first bullish objective is located at 1.99 USD. The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 2.38 USD as an objective. Be careful, given the powerful bullish rally underway, excesses could lead to a possible correction in the short term. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.

Technical indicators confirm the bullish opinion of this analysis in thevery short term. However, be careful of excessive bullish movements. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.

Force

Comment on the analysis

Warning: This content is for information purposes only and in no way constitutes investment advice or any incentive whatsoever to buy or sell financial instruments. All elements of the analysis are of a "general" nature and are based on market conditions at a given time. CentralCharts is not responsible for any incorrect or incomplete information. Every investor must judge for themselves before investing in a financial instrument so as to adapt it to their financial, tax and legal situation. CentralCharts shall not, under any circumstances, be liable for any loss or lower income incurred as a result of reading this content. Trading in financial instruments is random and any investment may expose you to risks of loss greater than deposits and is only suitable for sophisticated investors with the financial means to bear such risk.

This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:

Additional analysis

Quotes

The ALGORAND - ALGO/USD price is 1.89 USD. The price registered an increase of +3.28% on the session and was traded between 1.83 USD and 1.92 USD over the period. The price is currently at +3.28% from its lowest and -1.56% from its highest.

1.83

1.92

1.89

Here is a more detailed summary of the historical variations registered by ALGORAND - ALGO/USD:

Technical

Technical analysis of ALGORAND - ALGO/USD in Daily shows a strongly overall bullish trend. 85.71% of the signals given by moving averages are bullish. This strongly bullish trend is supported by the strong bullish signals given by short-term moving averages. The Central Indicators scanner detects a bearish signal on moving averages that could impact this trend:

Bearish price crossover with Moving Average 20

Type : Bearish

Timeframe : Daily

In fact, 10 technical indicators on 18 studied are currently positioned bullish. Central Indicators, the scanner specialised in technical indicators, has identified these signals:

Pivot points : price is over resistance 1

Type : Neutral

Timeframe : Daily

Price is back under the pivot point

Type : Bearish

Timeframe : Weekly

The Central Patterns scanner, which studies chart patterns, resistances and supports, has identified this signal:

Support of channel is broken

Type : Bearish

Timeframe : Daily

The Central Candlesticks scanner currently notes the presence of this pattern in Japanese candlesticks that could mark the end of the short-term trend currently underway:

Doji

Type : Neutral

Timeframe : Daily

ProTrendLines

Price

	S3	S2	S1	Price	R1	R2
ProTrendLines	1.09	1.27	1.72	1.89	1.99	2.38
Change (%)	-42.33%	-32.80%	-8.99%	-	+5.29%	+25.93%
Change	-0.80	-0.62	-0.17	-	+0.10	+0.49
Level	Intermediate	Minor	Major	-	Minor	Major

Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:

Daily

Pivot points	S3	S2	S1	PP	R1	R2	R3
Standard	1.69	1.74	1.78	1.83	1.87	1.92	1.96
Camarilla	1.81	1.81	1.82	1.83	1.84	1.85	1.86
Woodie	1.70	1.74	1.79	1.83	1.88	1.92	1.97
Fibonacci	1.74	1.77	1.79	1.83	1.86	1.88	1.92

Weekly

Pivot points	S3	S2	S1	PP	R1	R2	R3
Standard	1.25	1.47	1.65	1.87	2.05	2.27	2.45
Camarilla	1.71	1.75	1.78	1.82	1.86	1.89	1.93
Woodie	1.22	1.46	1.62	1.86	2.02	2.26	2.42
Fibonacci	1.47	1.63	1.72	1.87	2.03	2.12	2.27

Monthly

Pivot points	S3	S2	S1	PP	R1	R2	R3
Standard	1.09	1.34	1.59	1.84	2.09	2.34	2.59
Camarilla	1.69	1.74	1.78	1.83	1.88	1.92	1.97
Woodie	1.08	1.34	1.58	1.84	2.08	2.34	2.58
Fibonacci	1.34	1.53	1.65	1.84	2.03	2.15	2.34

Numerical data

The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:

Technical indicators

Moving averages

RSI (14):	53.79
MACD (12,26,9):	0.0200
Directional Movement:	-0.66
AROON (14):	50.00
DEMA (21):	1.88
Parabolic SAR (0,02-0,02-0,2):	1.74
Elder Ray (13):	0.03
Super Trend (3,10):	1.57
Zig ZAG (10):	1.89
VORTEX (21):	1.0700
Stochastique (14,3,5):	40.88
TEMA (21):	1.86
Williams %R (14):	-51.22
Chande Momentum Oscillator (20):	0.10
Repulse (5,40,3):	1.9500
ROCnROLL:	1
TRIX (15,9):	0.1600
Courbe Coppock:	10.47

MA7:	1.84
MA20:	1.84
MA50:	1.83
MA100:	1.48
MAexp7:	1.86
MAexp20:	1.85
MAexp50:	1.76
MAexp100:	1.58
Price / MA7:	+2.72%
Price / MA20:	+2.72%
Price / MA50:	+3.28%
Price / MA100:	+27.70%
Price / MAexp7:	+1.61%
Price / MAexp20:	+2.16%
Price / MAexp50:	+7.39%
Price / MAexp100:	+19.62%

Quotes : - Real time data - Cryptocompare

This member declared not having a position on this financial instrument or a related financial instrument.

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