The value of ALGO/USD rises to $0.982 following a mild bullish correction

• The coin's current price is $0.979, trading within a bearish wedge. 

• The price of Algorand is rising after finding support at the 4-hour central pivot ($0.92)

• The next resistance level remains firm at around $1.000 R1 level.

The most current Algorand price report reveals an upward trajectory for the day, as the bulls managed to obtain their advantage. The cryptocurrency encountered strong resistance last week but the bulls are again back on track.

The coin's price rates have risen to a high of $0.98 due to the recent uptrend. If the bulls continue to advance, the ALGO/USD value is projected to rise even more this week.

Price recovers to $0.98 as bulls try to reclaim control

A significant amount of coin value was noticed in the one-day Algorand price study, indicating a positive trend for cryptocurrency. The price fell early this week, but the positive impetus has already been regained. The short-term trends line is heading higher as the price stabilized at $0.989. 

Source – TradingView

Volatility is growing, suggesting that a price drop is possible in the coming days. From the chart above, prices have formed a bearish wedge with the resistance at $1.00 giving bulls a very hard time breaking above the level.

Basic technical analysis also dictates that this bearish wedge pattern suggests that momentum will most likely come in the direction of the dominant trend before the wedge was formed. If we fail to break the R1 pivot level then we will easily see prices spiraling downward to break the previous low at $0.80.

However, in the recent 24 hours, the price broke beyond the $0.964 barrier, and additional gains are likely. While the hourly price chart provides a favorable signal, the price has recently reached a high of $0.98, and traders are keenly watching if markets break the $1.0 key level before they commit to being fully bullish or wait for the bearish continuation.

For more on buying ALGO look here, for more on the price, check out our Algorand price page.