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ALGO Price Analysis: Algorand Price falls with bearish powers at play

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•ALGO/USD is currently priced at $0.818 and has decreased by 7.43% over the past day

•The technical indicators suggest bearish sentiment prevailing in the market 

•The trading volumes have increased by 7.43% over the past day

Short Term View: Bears pave way for weakening momentum 

The Algorand price today is $0.818109 USD with a 24-hour trading volume of $257,664,118 USD. Algorand is down 7.43% in the last 24 hours. The trading volumes have increased slightly over the past day, with increased selling activity seen in the altcoin in the past day. The Volume to Market Cap Ratio stands at 0.04694 for the altcoin.

Algorand reached its all time high of $3.28 on Jun 21, 2019 but hasn’t been able to reclaim those levels due to the weak sentiment prevailing around the altcoin. Since March, Algorand has had a lethargic recovery relative to the other high cap coins. It is currently in the midst of a downtrend as the altcoin trades below the 20,50 SMA on the four hour chart. The support for the altcoin resides at $0.795 whereas the resistance is placed at $0.845 in the event of a trend reversal.

Long Term View for Algorand 

The technical indicators for Algorand suggest a negative outlook in the near term. The RSI for the altcoin is placed in the neutral territory, currently transacting at 43.87. The histograms on the daily MACD chart are red as a bearish crossover was recently observed on the chart. This points towards a weakness prevailing in the altcoin which the bulls would have a hard time to overcome.  

Conclusion

Algorand is currently in a downtrend with the selling pressure showing no signs of slowing down. Hence we are likely to see Algorand prices declining in the next few days. The candlestick size for the trading session should be paid close attention to, because it does suggest that there is much more in the way of conviction during the day.

Support: $0.795

Resistance: $0.845

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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