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Algorand Price Analysis: ALGO Coin Consolidates at 2020 Lows, What’s the Recovery Plan?

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  • Algorand price has been trying to escape the consolidation phase over the daily price chart. 
  • ALGO crypto is trading at 20 EMA and is still below 50, 100, and 200-days Daily Moving Average.
  • The pair of ALGO/BTC is at 0.3301 BTC with an intraday gain of 1.61%.

Algorand price is trying to escape the consolidation phase over the daily price chart. The token must attract more buyers in order to escape the range-bound area. However, the ALGO coin has been trying to surge towards the upper range of the horizontal range-bound area over the daily price chart. Meanwhile, ALGO bulls failed multiple times to sustain at the upper range of the consolidation phase. ALGO investors need to wait until the price action of the ALGO coin reaches the upper price range of the horizontal range-bound area. 

Algorand’s price is currently approximated at $0.33 and has lost 0.42% of its market capitalization in the last 24-hour period. Trading volume has decreased by 11.88% in the intraday trading session. This shows that bears are trying to pull the token towards the lower price range of the consolidation phase. The volume to market cap ratio is 0.04071.

ALGO coin price has been trying to escape the consolidation phase over the daily price chart. The token has been caged inside the consolidation phase since 11th June. ALGO must attract more buyers in order to escape the horizontal range-bound area over the daily price chart. ALGO crypto is trading at 20 EMA and is still below 50, 100 and 200-days Daily Moving Average. However, volume change can be seen below average and needs to grow for ALGO to register its breakout. 

What do Technical Indicators Suggest about ALGO? 

ALGO coin price is trying to recover out of the consolidation phase over the daily price chart. The token has been trying to recover to $0.38 to break out of the consolidation phase. Technical indicators suggest the uptrend momentum of ALGO coin.

The relative Strength Index showcases the uptrend momentum of the ALGO coin. RSI is at 49 and is about to break out of neutrality to rise towards the overbought territory. However, ALGO investors can expect any directional change and RSI may reverse from 50.

MACD exhibits the uptrend momentum of the ALGO coin. The MACD line is trading towards the signal line for a positive crossover. 

Conclusion  

Algorand price is trying to escape the consolidation phase over the daily price chart. The token must attract more buyers in order to escape the range-bound area. However, ALGO coin has been trying to surge towards the upper range of the horizontal range-bound area over the daily price chart. However, volume change can be seen below average and needs to grow for ALGO to register its breakout. Technical indicators suggest the uptrend momentum of ALGO coin. However, ALGO investors can expect any directional change and RSI may reverse from 50.

Technical Levels

Support Levels: $0.30 and $0.28

Resistance Levels: $0.35 and $0.38

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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