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- ALGO price is currently in a consolidated mode and can see a breakout soon. The asset is currently down with 4% in the intraday session.
- Technical indicators of Algorand suggests a downside trend for the future. ALGO/BTC pair has also seen a drop of 1.3% in the intraday session
Algorand is a self-sustaining, decentralized network that supports a wide range of applications. They have a secure, scalable and efficient network which has a strong real world application. It will support computations that require reliable performance guarantees to create new forms of trust.
The current market cap of the asset is $2,449,141,831 and has seen a drop of 4.02%. The volume of the asset has seen a surge of 39% in the past 24 hours. The ratio of market cap and volume is 0.055 suggesting a consolidated trend.
Are Technical Indicators Favoring The ALGO Bulls?
The weekly technical chart of the Algorand suggests a consolidated trend of the price. On coming to the daily chart the asset price is currently trading near the value of $0.355. The asset price is currently in a consolidated zone and can soon see a breakout in the near future.While going upwards the asset can see a threshold near the value of $0.45. The downtrend of the asset can see a halt near $0.25. Algorand price is currently above 50 and below 100 Daily Moving Average. If the asset price goes above 100DMA then a strong upside move can be seen in the future.
RSI: RSI of the asset is currently at 55 suggesting its presence in the oversold zone. There is a negative slope formation in the RSI suggesting a downside trend. The overall sentiment of the RSI is neutral.
Conclusion
Algorand is currently in a consolidated trend and may see the same trend in the future. ALGO price can see a strong move in the upcoming days. One should do their due diligence before investing.
Technical Levels
Major Resistance:$0.45-$0.48
Major Support : $0.22-$0.25
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
