Algorand Price Analysis

Algorand(ALGO) Price Analysis 11 Sept 2022. Will it cross $0.5 in Sept?

Algorand has crossed above a critical resistance zone of $0.313 on daily charts and is expected to cross $0.37 if the market stays as usual for a week.

Algorand(current price $0.325) has crossed above a critical resistance zone of $0.313 on daily charts and is expected to cross $0.37 if the market stays as usual for a week.

Algorand Daily Chart
Algorand Daily Chart

Strong Daily Charts

Daily charts consider positional trades that are held for a time period, such as a week.

On Algorand daily charts, there is a breakout above the 0.313 zone from where the cryptocurrency retraced twice, once on 19 July and another time on 13 August. That zone is decisively broken from the downside, indicating strong momentum.

Let us analyze it further to understand if this breakout is a true one or not.

For the current trade setup, I have used Daily Charts. The indicators that are used to analyze the cryptocurrency are RSI, MACD, and Volume.

The Target and Stoploss are calculated from Trend Line.

Algorand Price Analysis

Price analysis is done on daily charts and with RSI, MACD, and Volume as technical indicators. View the complete chart and trade setup on my Trading View.

Relative Strength Index

The RSI is 56, which is a good sign in a bear market because it shows that the cryptocurrency is showing early signs of recovery.


The MACD line is above the trend line, indicating positive momentum in price.


Volume is higher than in preceding trading days and indicates that the cryptocurrency is in the accumulation phase.

These indicators confirm our buying decision, and now we shall set targets and stop loss for the trade.


Target and Stoploss from Trend Lines
Target and Stoploss from Trend Lines

The target can be set at a near-time high of $0.37. If the cryptocurrency reaches $0.37 and you still wish to continue the trade, then please reset your stop loss to the cost at which you purchased.

Stop Loss

The stop loss should be kept at $0.28, which has 3 near time bottoms, thus establishing a trendline.

Please note that it is critical that you learn to place stop loss which can be set using two ways. If you are a new trader set stop loss at 2-5% loss. Or at a point till which you can digest a loss. For experienced ones, place stop loss according to the support levels.

Will Algorand cross $0.5 in Sept?

It is highly likely that Algorand will cross $0.5 if it decisively crosses $0.37 and the indicators do not show an overbought situation i.e., RSI below 50 and MACD reversal(blue line underneath the orange line).

Support and Resistances

Support and Resistance levels are critical when investing or trading a financial instrument such as stocks and cryptocurrencies. Below are the support and resistance levels for Algorand based on the Daily Chart.

Resistance 30.3367
Resistance 20.3321
Resistance 10.3270
Pivot Level0.3224
Support 10.3173
Support 20.3127
Support 30.3076
All numbers are priced in US Dollars.

Please note that support and resistance levels are not fixed and change their name continuously. If a support level is broken from the top (i.e., the price falls below this level), then this level becomes a resistance or hurdle for that cryptocurrency.

A support level is a price on which a falling cryptocurrency price faces a demand. If the demand is weak, the price falls further; if it is strong, the price reverts back in the opposite direction.

A resistance level is a price on which a rising cryptocurrency faces selling pressure. If the resistance is weak, the cryptocurrency price increases above it, and if the resistance is strong, cryptocurrency prices fall back and revert to downside.

Pivot levels are the prices around which support and resistances occur. It is the average on the high and low prices of that timeframe.


Algorand is a Proof of Stake Blockchain with a fast network and inbuilt layer two solutions that help it scale without any external scaling solution. It was developed by Silvio Micali, an MIT professor and a Turing Award winner.

The unique thing about the Algorand blockchains is its architecture which uses a dual blockchain layer. It is designed to be a blockchain similar to Ethereum but with faster transactions and greater decentralization.

Read our thorough guide on Algorand to know more about this exciting cryptocurrency.


The above price analysis purely aims to educate people on Technical Analysis and the importance of Technical Indicators in trading. It should not be taken as an investment advisory.

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