Algorands currency price (ALGOUSD) showed choppy movement in latest intraday trading, as it attempts to gather positive momentum that may help it overcome the negative pressure from the 50-period SMA. The price remains under the dominance of the main upward trend in the short term and continues to trade alongside a rising trend line. Meanwhile, a positive crossover has begun to emerge on the Stochastic, after reaching extremely oversold levels exaggerated relative to the price action signaling the early formation of a positive divergence.

Therefore we expect the currency to rise in upcoming intraday trading, as long as the support level of $0.2524 holds on, targeting the pivotal resistance of $0.3069 in preparation to attack it.

Todays price forecast: Bullish